A shocked Waugh said Morkel's decision to bid adieu to all forms of international cricket is a good news for batters around the world.
"That's good news for a lot of batsmen around the world. He's been terrorising batsmen for a long time," Sport24 quoted Waugh as saying.
Apart from calling Morkel a 'fantastic bowler', Waugh also acknowledged him as a 'humble person'.
"I didn't play against him, but I just like the way he plays the game. He just tears in every ball and gives it everything," the Australian said.
"He's one of the most underrated players in the world."
The right-arm fast bowler will play his last Test series against Australia.
Morkel, 33, has played 83 Tests, 117 ODIs and 44 T20Is in a successful career spanning 12 years and has an impressive tally of 529 wickets in all.
He has taken 294 Test wickets - including seven five-fors - and is currently the fifth highest all-time wicket-taker for South Africa in Test matches. (ANI)