The Japanese driver has outperformed his more experienced partner this season by ten points, though both have contributed to RB's sixth-place standing.
A clause in Tsunoda's contract tying him to another year at RB was activated earlier this season, meaning he will embark on a fifth campaign with the team in 2025.
That new deal appears to have ruled Tsunoda out of the running should Red Bull decide to move on from Perez.
The 24-year-old has steadily improved since his 2021 debut, but has not yet been rewarded with a drive in the more competitive car.
Tsunoda is at least no longer going under the radar as a top talent, according to Ricciardo.
"I think now he's definitely getting probably the credit that he deserves," he told Motorsport.com.
"Probably a lot of people still think about his first year where he made a lot of mistakes, and it felt like his adjustment into Formula 1, it just felt like maybe he couldn't really adjust and it was all a bit too much.
"[In 2021 and 2022, Pierre] Gasly was consistently beating him, but then I remember the second half of that year, he actually started to probably have a better showing than Gasly.
"He's definitely grown a lot in the last couple of years. So yes, he's fast. Do I rate him? I do. He's probably become a bit more aware of his attitude as well. I think he's doing a really good job."
A drive at the senior team at the sharp end of the grid can be a difficult step up for some. Ricciardo acquitted himself superbly to dominate reigning champion Sebastian Vettel at Red Bull in 2014, but more recently Gasly and Alex Albon struggled alongside Max Verstappen.
"I think [Tsunoda has] grown a lot in the last few years, and I think is showing some really good pace and skill," Ricciardo added. "I think he's showing more consistency now.
"You just don't know until you're in that position [at a top team] if someone can really do it. We've all got the speed, but it's like when the lights are fully turned up, who can still make those decisions and stay most composed."
Pushed as to whether Tsunoda could make the step up, Ricciardo replied: "Yuki has to answer that in due time, but my answer is definitely not no. I do think he's got the ability, but that part is up to him."
The Japanese driver likely has one more season at least to spend at RB. If Christian Horner and Red Bull do finally lose faith in Perez, though, he will surely be banging down the door to get a chance next to Verstappen.