Pardew signed the Frenchman last month from Paris Saint-Germain, having previously worked with Cabaye when the pair were together at Newcastle.
And Pardew believes Cabaye is good enough to be a first-choice midfielder for any Premier League side.
Speaking to Sky Sports News HQ, Pardew said: “Fans up and down the country know that Cabaye could get in any top-four team.
“He could play for Arsenal or Manchester United, no trouble. So to have him at our place is a real coup. We’re absolutely delighted to have him.”
Pardew said Cabaye will offer something different as Palace attempt to better last season’s 10th-place finish.
“There were times last year when teams started to find out what we were about,” he said.
“They wouldn’t let us utilise the pace and power. They blocked it up on the flanks so therefore you have to come through the middle. With Yohan Cabaye we can do that now.”
The 54-year-old said he still has ambitions to add to his playing squad before the transfer window closes.
“I’d like to think we’d get one done today,” he said. “I know you’ve been pushing me on it but I’m not going to give you a name because I never do until they are completely done.
“If we can get him over the line he’s an exciting player as well. I’ll be looking forward to seeing him.
“We’ve got a bit more business to do. We might have to bring one more in but we’re pretty close. I’d run through the season with the group we’ve got now.
“We’re a fuller group with strength in every position. We’re well set.”