Since joining the Reds as a trainee as an 18-year-old, Gerrard made his 600th club appearance against Newcastle earlier this month, while he secured a century of England caps against Sweden in midweek.
Uruguayan Suarez, who has played alongside the 32-year-old since arriving 21 months ago, told Liverpoolfc.com: "He is a player for whom you have to show enormous respect.
"He has always shown utmost respect to the club and has always remained here out of his love for the club, and for me he is the best midfielder I've ever seen play or been able to play alongside.
"He's a real legend at this club, for many reasons. The time he's been at the club, for all what he has given for the club, for the great team-mate he is, for all the years and all those 600 games he's played here.
"That is by no means an easy thing to achieve at a club like Liverpool, and for his modesty and the classy person he is.
"I can't speak about the years before I was born or before I can remember, but I don't think that the club will ever have another player like Steven Gerrard."