Guardiola began his managerial career with trophy-laden spells at Barcelona and Bayern Munich, winning 21 trophies at an average of three per season during his time at both clubs.
City are still on course for an unprecedented quadruple this term, the first trophy of which could be sealed against Arsenal in the EFL Cup final on Sunday, and Wenger was full of praise for his opposite number while also revealing that he almost signed the Spaniard during his playing career.
"I talked to him a few times. And once he came to my house when he was a player, because he wanted to play for Arsenal," Wenger told beIN Sports.
"I think he has done much better than I have and he's knowing very well what to do. He has exceptional teams and he is managing them very well.
"I think I respect what he does because he has a clear vision of the game, he has a positive attitude, a positive philosophy.
"Even if he doesn't win I have as much respect as when he wins because I think people have an influence in the game. It's very important to have a positive attitude towards the game."
Wenger has won 17 trophies during his 22 years at Arsenal, but has never lifted the League Cup in that time.