Downing struck in their victory over Tottenham.
"He's a different player now. Now we're seeing Stewart Downing the England international and why he has got all those caps," said Gerrard, who praised the 28-year-old's all-round contribution.
"What is impressing me the most about Stewart at the moment is the work he's doing for the team without the ball - sliding tackles, his double-marking with Glen Johnson and his effort.
"The stats that go up on the board after every game underline that.
"He's a different player and if he can keep producing those type of performances then it will be money well spent
"If he keeps to that level of consistency he can make that position in the team his own."