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Parreira, 71, was the Selecao boss when Brazil won their first World Cup following a 24-year-long drought in 1994. He currently works as Brazil's technical director, a position he took at the same time Scolari returned to the dugout in late 2012.
"Scolari is a good soul, he's transparent, he's an honest lad," Parreira told Sport Bild. "He knows how to establish a good spirit in the team. And he knows all about football.
"You don't have to be the world's best coach to lead the Brazil national team. You need to know how to handle the pressure. You are not allowed to fear making decisions. And working with the media and fans is important. Felipe Scolari does a great job," he said.
But Parreira believes that the 65-year-old may not occupy his role for much longer.
"Football is a game of the moment. We will see after the World Cup," he said when questioned about the Brazil coach's future. "Should he want to continue his coaching career, he will find a club in any case. But I don't believe that he's going to continue. He has one child in Portugal, and one in Brazil. To reconcile this with a coaching career is difficult."
Parreira has coached at a record six World Cups. In 1982, he worked for Kuwait, and eight years later he was in charge of the United Arab Emirates in Italy. He crowned his career by helping his native Brazil to the 1994 World Cup in the United States, and also worked for them in Germany in 2006.
He was fired by Saudi Arabia two games into the 1998 World Cup, and in 2010 was eliminated in the group stage with the hosts South Africa.
Scolari: It was a well contested match
Brazil head coach Luiz Felipe Scolari reacts to his team's performance in a 0-0 draw against Mexico.