Walcott hbelieves he is a better set-piece specialist than former England teammate David Beckham.
Ward-Prowse has already scored three free-kicks this season, two behind Beckham's season record of five, and has become a huge threat from dead-ball situations outside the opposition area.
Speaking to talkSPORT, on-loan Everton attacker Walcott said: "After every training session I see James taking free-kicks. I just sit there and remember watching Beckham all those years ago.
"I always thought I should have got involved with free-kicks but he was just too good. Now I see James and think, 'You're better'.
"It's just the way he adjusts his run-up and is always match-prepared. It is brilliant to watch and it is showing. He is always such a threat, especially when you have got us players running at defenders and trying to win free-kicks.
"It is almost like a penalty for him these days, a good weapon to have."