Arsenal meet Atletico in the first-leg of their Champions League semifinal tonight.
Asked what he admires most about Simeone, Arteta said: "The passion for the game, for the profession.
"He’s someone who has transformed this club in 15 years, and the way he has done it, the consistency, the result he has achieved, the way he has done it, how he has revealed himself in everything.
"I have always admired him as a person. Everyone has their own style; the one who feels, the one who can galvanise his players, the one who has a relationship with the club. He’s a reference for all."
On Atletico's strengths, he added: "It is not a question of fear. They are strong and they have many strengths, because otherwise they would not be where they are, just like us.
"Firstly, the togetherness they have, the energy they are able to generate in this stadium is one. The belief and the experience, because they have already done it. The ability to level up that they have. At the moment, the details are very important."