Both men were instrumental in the 2-1 win at Manchester City on Monday night with Howard pulling off a string of fine saves and Cahill again on the scoresheet.
"I don't know how long you have to play to be considered a legend, but with Tim it has to be getting into that realm," Howard told evertonfc.com. "I have been here five years and Tim six or seven and it is getting that way.
"People will remember him for the passion he plays with, for the goals he scores, the importance of those goals and his determination to play through injuries.
"He is a cult hero and people love him. You hear it now with people talking about players like Graeme Sharp and him being remembered for all the right reasons and I think it will be that way with Tim.
"As teammates when you stand alongside him you feel that bit more confident, that bit more bravado inside yourself and he is a guy you want in your team."