The French playmaker was again the star of the show as the Hammers defeated Blackburn Rovers 5-1 in the fifth round of the FA Cup at Ewood Park.
Payet scored a sublime free-kick in the 36th minute before putting the finishing touches on proceedings with a fine solo goal in injury time, prompting praise from Bilic who has managed Modric at international level for Croatia.
"I haven't seen better players than that. He is also doing the dirty work and on the ball he is up there with Luka Modric from the players I have trained so far," said Bilic.
"Dimitri is one of the best I have trained and every week I want those questions [about him] to continue, but it is hard to be surprised.
"I have to get some poetry lessons to describe his importance to us."
Victor Moses equalised for West Ham six minutes after Ben Marshall's 20th-minute opener before Chris Taylor was sent off for a second yellow card ten minutes into the second half.
Emmanuel Emenike grabbed his first goal for the East London club after Payet's free-kick prior to Cheikhou Kouyate's straight red before Emenike and Payet wrapped it up to send the Hammers through to the quarter-finals where they await the winner of Monday night's clash between Shrewsbury Town and Manchester United.