Hodgson returned from an Achilles tear with a try-scoring performance as Saracens cruised past Newcastle Falcons while Farrell was on England duty.
The former Sale Sharks pivot has featured in 64 European encounters and has twice lifted the Amlin Challenge Cup with the Salford-based club.
"I still personally think that Charlie is the best fly-half in England," said the Saracens wing.
"Owen is one hell of a player but I think Charlie has got it all.
"I can't think of anyone better to learn from [than Charlie] and Owen is someone whose mental strength is the thing that really sets him apart.
"He's a sponge, he wants to learn every day and you can see how well he's come on and the level he's playing at now.
"There's an element of looking towards 2015 and that's what [England head coach] Stuart Lancaster sometimes has in the back of his mind.
"Everyone wants their country to win the World Cup. In Owen they've definitely got a No10 who is going to be around for the next 10 years.
"Unless you do pick him [Farrell] at some point, even if there are players who are just as good, then he's never going to develop into the world-class player he is.
"He's going to become even better. Owen has got a great temperament. He's someone who is obviously very young but has learnt how to manage a game.
"He's very lucky he's got Charlie Hodgson here who he played underneath for a couple of years.
"Obviously, with his father [England backs coach Andy Farrell], he understands the bare bones of rugby as well.
"Sometimes in a game people take their foot of the gas instead of playing the right field position and just playing smart rugby but Owen is very good at doing that.
"You don't necessarily notice it until you watch the game back and think he's made all the right decisions when he had to.
"Sometimes that's not playing with the ball but putting pressure on in the right areas. Owen is a hell of a player and we know that."
Saracens are currently second in Pool Three, trailing Toulouse by four points. They face Zebre in back-to-back matches in December and will be desperate to close the gap to keep their hopes of qualifying for the knockout stages alive.