The latter lost his job before the international break, despite Norwich winning their first Premier League game of the season.
As the club are bottom of the league, Smith knows he has a tough task in keeping them in the top flight.
Smith received his own marching orders at Aston Villa 24 hours after Farke lost his job at Norwich.
"I have a lot of sympathy for Daniel. I know him and like him very much," he said during a press conference.
"He has done a fantastic job at this football club. It is never nice to lose your job. We were both in the same situation within 24 hours.
"I am also very respectful of the job he has done and these are big boots to fill. We have a great belief we can get the points we need to stay in this league. I look at this squad and believe they are capable.
"There is enough quality. When I spoke to Stuart he believes they are good enough to stay up. When myself and Craig (Shakespeare) looked at the squad we both believe it is a group who are not producing the results they need. The fans can expect an organised, hard working team.
"We won't leave anything out on the pitch.
"Each day in training is a day for me to educate and help the players learn but also for them to enjoy. We all know you get more out of people if there is an enjoyment element and hopefully the supporters can enjoy some really good performances."