The Reds skipper thinks Suarez just pips Fernando Torres, who enjoyed a spectacular goalscoring record at Anfield.
But Gerrard believes the Uruguayan international is in a class of his own - and has backed him to help fire Liverpool to Champions League qualification this season.
"Yes, simple. He's out on his own," Gerrard told ESPN. "The only player who comes close to producing what Luis produced in a red shirt is Fernando Torres…but Luis just pipped him for me."
Suarez was the subject of interest from Arsenal over the summer, with the Gunners lodging a £40m plus one pound bid for the forward.
The Reds skipper admitted he was concerned the club's main frontman would leave for the Emirates Stadium, but now believes he'll stick around for the long-term.
Speculation has linked Suarez with a number of clubs as the January transfer window approaches, but Gerrard believes he will stay at Anfield.
"I don't feel like that about January," he continued. "January will be different because I think Luis is committed. I think he is happy. I think he is pleased with the decision he has made to stay around.
"He is in good form."
Gerrard and Suarez could do little to prevent defeat in their last Premier League outing to Arsenal - Santi Cazorla and Aaron Ramsey ensured the Reds travelled back to Merseyside defeated 2-0.
But Brendan Rodgers' side have enjoyed a good start to the season, and Gerrard believes Suarez can be the key to a top four finish.