A 73rd-minute goal in the matchday four fixture at Selhurst Park earned The Eagles a 1-0 triumph, propelling the side to fourth position on the table.
The strike was his second successive effort in the league, having netted in a 2-1 victory over Manchester United last week.
"Had he not scored the goal today, I would still be heaping praise on him because of the work he does for us, his tactical understanding, the number of times he does the job we want tactically to help other players take up the positions they need to take up. I’m not just talking attacking-wise, I’m talking defending too," Hodgson said after the game, as reported by his club's official website.
"When he puts the icing on that cake by scoring a goal last week and a goal this week, then it’s happy days - there’s no doubt about that.
"It’s in particular happy days for him and it’s happy days he deserves. Last season, he didn’t get as many opportunities as he would like to have had.
"There were many times he found himself on the bench as a substitute and wasn’t even getting onto the field of play but never once did he stop working hard in training.
"Never once did he stop trying to do the right things in training. Players like that, when their moment arrives, as a coach you feel really happy for them."
Ayew will be hoping to continue his form when The Eagles visit Tottenham Hotspur on the league's return after the international break.
The 27-year-old joined Palace on a permanent deal in July following an initial loan spell from Swansea City last season.