The striker scored his first two goals for the north London club in their 4-0 EFL Cup win at Nottingham Forest.
"It was good to see him do well and it was good to see him causing damage through the middle," Smith told Sky Sports.
"On his debut he was drifting into the harmless areas but that might have been a confidence thing.
"The goals will certainly boost his morale. [Alexis] Sanchez has been playing as a false nine, so Perez definitely gives them another option.
"He's a strong boy, you saw that with the solo goal he scored. He won't get bullied and he's got a bit of pace about him.
"It's a contrast to what they had already and that's what they needed. He might be a late developer but he's a good option for Arsene Wenger."