The Gabon attacker has been one of the most consistent scorers in the Premier League since joining the club.
But some pundits suggest that unless he is winning the game's top prizes, he may not get the recognition he deserves.
Arteta disagrees, pointing out the example of Tottenham's Harry Kane.
"Yeah, but Harry Kane has scored 30 goals and never won the Premier League, you know," Arteta stated ahead of Thursday night's Europa League tie with Olympiacos.
"There are a lot of good examples of players that do phenomenally, but unfortunately there are a lot of top teams in this country and only one wins the league. So you can't have everything in life."
He added: "Obviously top players are playing at clubs that are winning constantly, there is more impact on that. But we all know how good Auba is.
"It is remarkable what he is doing and how consistent he has been over the years to do it, which is very, very difficult to do. I think we all appreciate, at least at the club, his value and what he brings to us.
"I think if he had been top scorer in the league [last season] and won the league, then he would have been voted the best player for sure. You need both.
"You need individual performance and you need the collective side of your team as well to support that.
"That is where we have to make a step forward to try to convince these top players to want to stay at our club and be successful and be happy."