The 23-year-old Nigerian impressed for the Foxes in the 2-1 Community Shield defeat to Manchester United on Sunday.
Talking of Musa's cameo in the loss at Wembley, Schmeichel said: "We've got a lot to be proud of from that performance.
"We gave everything we had and as long as we can look each other in the eyes and know we gave everything then we can be proud.
"Of the players who came on, Ahmed Musa's pace is frightening. We've got some great options going forward and plenty of pace. Any defence coming up against that would be worried.
"You can see the options we've got coming off the bench. It's up to us to utilise those."