The Australian international, who arrived on a free transfer from Middlesbrough in the summer, has conceded just 11 goals in 12 Premier League games.
And ahead of Saturday's testing visit to Liverpool, Hodgson insisted: "Mark is fantastic, he's strong, reliable and he gives us something that we've not had before.
"We are lucky to have him and it's thanks to Mike Kelly. We got Mark because we had got Mike. Most of the goalkeepers who have worked with Mike believe he is the best goalkeeping coach in the country.
"Mark was among several top goalkeepers who used to keep in touch with us, quite anxious to come and work with Mike because they thought he would bring the best out of them.
"So when Schwarzer became available, it was a crucial factor in persuading him to come to us that we would work with Mike."
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