Jovetic put in another dominant display for City in their 2-2 draw to Liverpool at Yankee Stadium on Wednesday, a fixture the Reds went on to claim in a penalty shoot-out.
The Montenegrin forward fired a brace in New York, and was also involved in several dangerous forays forward for the English champions.
Pellegrini said Jovetic will be a pivotal part of their 2014-15 campaign, if he can remain injury-free - something he could not do last term.
"I have said before that Stevan is a very important player for us and he proved again what an asset he can be," Pellegrini said.
"He had a number of different injuries last season but now he is fully fit. I'm sure if he continues in this way he will show why he is here. If he's fit all the year he will be a very important player for us."
Pellegrini said the contest pleased him, with both sides attacking from the outset and eventually producing four second-half goals between them.
"I'm very happy because it was a good, competitive game and useful for both teams," he said.
"We played well for the first 45 minutes when 0-0 didn't reflect exactly what happened.
"Liverpool are a very good team, played very well. Last season they had a strong campaign and I’m sure that this year they will be fighting for the title again.
"We are trying to prepare our team the best way possible and I feel we have had a very good pre-season.
"We had another five players playing game time today and the rest of the squad arrive next week."
The Chilean tactician conceded the pitch at the baseball venue was less than ideal for the two football powerhouses.
"I was very impressed by the amount of people here tonight and though it maybe was not the best pitch and not as wet as we would have liked, it wasn't so bad," the Chilean said.
"Maybe it was a little bit dry and that's why the ball didn't run so fast, but there wasn't any problem for either team.
"Overall I'm very happy with our preparations.
"The five players who arrived on Thursday will be ready for the Premier League and the rest of the players will arrive next Monday. They can be fit in maybe 15 days but we will assess things as we go along."
City's Premier League defence begins against Newcastle United on August 17.