Babel played with Gerrard for three seasons at Anfield.
The Reds remain in the FA Cup and face a trip to Ewood Park in a replay of their quarter-final clash with Blackburn Rovers, in order for them to book a place in the semi-finals of the competition, where they would face Aston Villa at Wembley.
Babel told the official Liverpool website: "There's still a good chance of ending in the top four and, knowing it will be Gerrard's last possibility to win a trophy for Liverpool, I am sure the team want to push hard to make sure they end up with one.
"Given their spirit and how Liverpool have always lived for football, I'm sure they'll give their all.
"He is a definitely a person I look up to, and did so back then in training and in games."
Gerrard was often renowned for his moments of inspiration down the years in his Liverpool career, when he would pop up with the big moment that could win them a game, or even a major honour. Some have the feeling that with the FA Cup final falling on his birthday, it could be one last hurrah for the Reds' skipper.
"In situations where, as a player, you had a feeling you were about to lose a game, he still had a certain spirit and belief that something could be done to change the game.
"It was something I admired and took with me and tried to help with at the other clubs I've since played for."
Liverpool will of course aim for the objectives that Babel outlined and their push for the top four is currently going through a critical run - with difficult encounters against Swansea City, Manchester United and Arsenal approaching in their next three league games.
The Reds have a lot of work to do in the coming weeks but have managed to get themselves in a decent striking position - as they are two points off the top four with many of the contenders for the Champions League places playing each other during the run in.
The next few weeks will play a big part in deciding Liverpool's fate in the league, and while their run in the cup is more problematic than they would have liked it to be, they are still in with a very strong chance.