The Spanish playmaker has begun his stay at the Gunners in spectacular fashion with two goals and three assists so far, and was dominant on Saturday as the north London side came back from a goal down to record an away win against West Ham.
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"It is too early to say Cazorla can have the same impact as Cesc Fabregas. Cesc played for five years in the Premier League," Wenger told reporters.
"But when Cazorla plays he makes everyone around him play better."
The 27-year-old scored his side's third goal of the afternoon with a powerful left-footed strike into the top corner, and his range of passing was key to unlocking the Hammers' defence throughout the match.
Wenger praised his ability to operate with both feet as reminiscent of former England international Glenn Hoddle, who he coached at Monaco.
He added: "Glenn Hoddle was like that — you could not say if he was left or right footed.
"And Santi Cazorla is similar on that front — I don't remember anyone else I have worked with who was two-footed as much as those two.
"Santi is right footed but when you watch him play you don't know. It shows how important that is in the modern midfield.
"Right or left foot was always important, but we forget about it sometimes. I'm surprised there are not more."
Theo Walcott scored the Gunners' second goal, demonstrating his pace to collect a ball in behind the defence before finishing calmly, and the manager also took the opportunity to praise the England international.
"He has character, Theo. He keeps focused and he wants to show he is 100 per cent professional and I have a big respect for that attitude," Wenger commented.