The Welshman scored scored a late winner against Crystal Palace on Saturday, six days after helping his side to win the Community Shield with a fine finish against Manchester City.
Ramsey enjoyed a coming-of-age season last year, with 16 goals before injury hampered his campaign, and Arteta has hailed the midfielder's character and Fabregas-like ability to both create and take chances.
"Aaron's on fire," the Spaniard told reporters. "A player like this coming from midfield to score that many goals gives you something extra.
"He reminds me a bit of Fabregas when he was here. At his best, Fabregas was coming off the front, making the final ball and scoring very important goals.
"I think he will get better with experience and confidence. People fear him now because they know he can create things and that gives you an extra yard, which is very important.
"He showed great character as people used to be against him. The manager backed him big time. We don't have someone to score 30 or 40 goals so players who can score from the middle is very important."