Nemanja Vidic and Liverpool's Steven Gerrard are believed to be the forerunners for this season's PFA Player of the Year, but Pedersen believes the veteran Manchester United midfielder deserves the award.
"I think he has been really good this year, and he has also been in the game for a long time," he said in Nettavisen.
"I have always rated him highly and, even though he has had niggling injuries, he has always come back at a high - and sometimes higher - level.
"He scores important goals for Manchester United and I think he deserves it.
"He delivers every year - that deserves respect. Nemanja Vidic has been good, too, but I feel that Giggs has provided that little bit extra.
"He's also a nice person."