Carragher said: "With the exception of Real Madrid, I don't think there will be three better players in Europe on the same pitch this weekend than Michael Owen, Steven Gerrard and Wayne Rooney.
"We're talking about world class players and, speaking personally, it gives me a lot of pride that these are all local lads who come from areas so close to each other.
"I know when it's a derby one side wants the other to do badly, and that's understandable, but I think it's wrong that an Everton fan should dislike Michael just because he plays for us, or a Liverpool fan not like Wayne Rooney just because he plays for Everton.
"You've got to rise above that and just say they're both great players and we should be proud of them. Rooney's situation is very similar to that of Michael when he first started. Everyone knew about them a good 18 months before they made their debuts.
"You could sense the anticipation when he came on at Anfield and it was the same when Michael burst onto the scene.
"When you're that young you get built up, but when he's playing for England for about four or five years, then you start getting a bit more stick after a bad game. Rooney will have to get used to that like Michael has but he's obviously good enough to deal with it.
"As for Michael, he looks very strong at the moment. He's worked very hard to protect his hamstrings this season, and I'm sure if there's one thing he wanted it was to go through this year without picking up a hamstring injury. So far it's working out for him."