The Italian only had praise for the two attackers on Saturday after they proved crucial in the win against Villarreal
Bale opened the scoring and then proceeded to assist Karim Benzema's first strike before Jese followed his Welsh counterpart's lead, stroking home next and then laying on Benzema's second.
Their performances impressed Ancelotti, who believes los Blancos can only improve further once Cristiano Ronaldo returns from suspension.
"Bale had a good game, like everyone else. He scored the first goal and gave an assist," the trainer told reporters after the match.
"Jese is in a good moment, he helped the team a lot, he worked hard. Everyone loves him, he is playing really well. At his age, this is a really good thing for everyone."
Asked which wing Bale or Jese would play on Ancelotti added: "It depends on who is centre forward, but with Benzema there, either are comfortable coming inside.
"Today we wanted Benzema ready in the area. We planned our game around getting crosses to him. Other times he plays deeper. He is a very complete player.
"Cristiano is an indispensable player for us. Without him everyone else works more."
The six-goal thriller puts Madrid top of La Liga and Ancelotti was pleased with the effort his men put in after seeing off Atletico Madrid just days earlier.
"We suffered a lot in the game as Villarreal played well with ball on ground. We had difficulties covering sometimes," he continued.
"It was not an easy game after the work done versus Atletico, but we took our chances really well on the counter-attack."
Title rivals Atleti lost 2-0 to Almeria on Saturday, while Barcelona travel to Sevilla on Sunday.