Lampard, still grieving over the death of his mother last Thursday, slotted home an extra-time spot-kick to put Chelsea 2-1 up against Liverpool and on the way to a Moscow showdown on May 21 against Manchester United.
"I think it shows you what the boy is made of. He is a fantastic character and a great role model for any young kid. He showed great courage to step up and take the penalty," Redknapp told Sky Sports News.
"We are all very proud of him. He was so focused and knew he was going to score.
"It was a great penalty under unbelievable pressure - that separates great players from the average players."