Suarez has fired 29 goals in 44 appearances for Liverpool this term, leading the Premier League scoring charts on 22 goals, ahead of Robin van Persie and Gareth Bale.
Rush went on to suggest Suarez was in contention for the European Golden Boot, but needs a bit of luck to win the award ahead of prolific duo Lionel Messi and Cristiano Ronaldo.
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"I would have considered him as much a maker of goals as a goalscorer. But the number of goals he has scored this season has amazed me.
"To win the European Golden Boot, you have to get that bit of luck. When I won it, Marco van Basten was injured for about half a season in Holland.
"Obviously Lionel Messi and Ronaldo are on a different planet when it comes to the number of goals they score each season but it would be unlikely they'd be scoring as many in the Premier League."
Rush is considered a Liverpool legend, scoring a club record 346 goals in 660 appearances in all competitions across two stints for the club between 1980 and 1996.
The Welshman won five league titles, three FA Cups, five league cups and a European Cup in his days at Anfield, including a European Golden Shoe.
When asked about Liverpool this season, he continued: "I still feel there is a lot to play for this season because Liverpool need to try and finish in the top six.
"It has been a real transitional period this season where the side start to look like they are in control but then fall over themselves.
"When Liverpool have played the top teams they have played well and the result that really impressed me was the win over Spurs.
"Hopefully a couple of new players in the summer will help and these young lads who have played this season will be a year older and will have more experience.”