"Liverpool are getting their best team back and I think Rafa has done a great job," said Dowie.
"Getting them through to the Champions League semi-final is a wonderful achievement. Who knows? They might go all the way.
"He deserves immense credit for the organisational job he did with his players in the Stadio Delle Alpi.
"It was resolute and they never looked in any danger. I thought Juventus would catch fire but they never did.
"That was down to the way Rafa had his team set up. Don't forget they were without their talisman Steven Gerrard.
"His record at Valencia stands up to serious inspection. He's up there with the best - maybe Jose (Mourinho) has a little of something more about him.
"I met Rafa earlier in the season when we tried to do a deal for one or two of his players. I thought he was a fantastic man.
"He was very respectful of Liverpool's history and was very positive about the job he was doing.
"I think Xabi Alonso and Djibril Cisse look good players. That club always has extra expectation and Rafa has handled it well."