Pardew has been well-supported in the transfer market this summer, bringing in nine new players, although Jamaal Lascelles and Karl Darlow were loaned straight back to Nottingham Forest.
He could hand debuts to Remy Cabella, Jack Colback and Daryl Janmaat among others when his side opens the Premier League season at home to champions Manchester City on Sunday afternoon.
And Pardew is quick to thank Ashley for backing him, not just last season when he came under pressure from fans and put his job in jeopardy by head-butting Hull City midfielder David Meyler.
He said: "When I signed the new contract, Mike always knew there would be ups and downs for both of us.
"He stood by me and this feels like an up time for me. He's armed me again, he's stood by me.
"I can always give him an honesty of where we are and he listens - that's why so many players have entered the building. We needed them.
"It's that kind of relationship you can only hope for as a Premier League manager, and I'm lucky enough to have it. I hope I can repay him this season."
Pardew feels his summer dealings have provided Newcastle with the kind of squad he wanted for the latter part of last season, having lost key man Yohan Cabaye late in January when he was unable to properly replace him.
He added: "At the time, we were in dispute with our midfield player. When we got off that bus, was he going to play or was he not going to play?
"The difference now is we are much more settled. The disruption of that unsettled us.
"We lost a player [defender Steven Taylor to a red card] in the first half, which was maybe a consequence of the frustration we were all sharing.
"We have a new-found sense of belief and players grow when they see new signings. If you see more quality around you feel more confident. The players who have been here a while see that the group is bigger and stronger."
Watch Newcastle's opening Premier League clash with Manchester City live on Sky Sports 1 HD on Sunday. Coverage starts at 3:30pm.