Srivaddhanaprabha was among the victims in Saturday's helicopter crash at the King Power stadium.
Pearson won the Championship with Leicester under the Thai owner, before performing a successful rescue mission in their first season back in the Premier League. He now manages Belgium's OH-Leuven, which are also owned by the Srivaddhanaprabha family.
In a statement on Leuven's website, Pearson said: "It is with extreme difficulty that I write to express and offer my sincere condolences and support to the Srivaddhanaprabha and wider King Power family.
"His quiet yet authoritative aura, presence and personality have had an immeasurable influence on English football.
"The leadership and managerial processes he instilled and encouraged within Leicester City over a sustained period of time has borne fruit in such a way that people throughout the world witnessed the impossible by seeing a club win the Premier League in the most incredible circumstances.
"This most definitely ensured the belief that sporting miracles can happen. I have been privileged to manage both clubs owned by King Power, and at Oud-Heverlee Leuven in Belgium, have the task of building a club which can emulate King Power's success in England."
Pearson added: "My regret is that he will not see the fruition of his vision.
"On a personal level, a manager could not have wished for a better boss. I have, through both good and difficult times, been afforded an unwavering support which has been a huge motivator and, in personally difficult times, a huge comfort.
"His warmth, humour and generosity have always been extended to my own family, something for which we will all be eternally grateful for. I will miss his guidance and wisdom - and certainly his mischievous sense of humour and singular chuckle!
"Our thoughts, of course, must now be with Khun Vichai's immediate family, as well as the King Power family, and I'm sure the wider football world will offer some solace for his loved ones. I will miss 'The Boss'."