Pardew also had to deal with losing star striker Andy Carroll in January and has struggled to find a big-money long-term replacement.
The emergence of Demba Ba, who has scored four times in his last two games, has helped ease the burden on the Magpies' other strikers and Redknapp has also been impressed with the displays of Cheik Tiote and Yohan Cabaye, both of whom were signed by Pardew.
"Alan Pardew has done a great job and they're a strong team," said Redknapp, who almost took the manager's job at Newcastle in 2008.
"The midfield two are very strong. They have the French lad (Cabaye) and Tiote, who is a strong, aggressive, very good player.
"Jonas Gutierrez is a threat and they are performing well. The front players work their socks off as well and Alan is getting the absolute maximum out of his team so they will be dangerous, that's for sure."