The Frenchman believes the Chelsea star has some way to go to compare with Cristiano Ronaldo and Lionel Messi.
The Belgian was in inspired form for Jose Mourinho’s side last term as they ran away with the Premier League title.
Such were the level of Hazard’s performances, he was named both the PFA Players’ Player of the Year and the Football Writers' Player of the Year come the season’s finale.
The Chelsea winger has been an undoubted star in the top flight since his arrival in England, although last year was arguably his best campaign so far.
Wenger, however, says he needs to find consistency to be ranked among the world’s top three players.
"He can decide the games and you put the top players in this kind of calibre when they can decide the games with something special," he told Arsenal.com.
"Hazard is in this category, now to reach the other two or three that are dominating world football at the moment I think it demands consistency which he is still to do."
Don't compare him with Alexis Sanchez
The French coach has his own star forward, of course, in the shape of Chilean Alexis Sanchez. The Arsenal man was brought in from Barcelona last summer in a big-money move and starred with a series of impressive displays to help the Gunners finish third in the Premier League table and successfully defend their FA Cup trophy.
With both Sanchez and Hazard starring last season, the comparisons between the two players were inevitable but Wenger says he doesn’t like them.
“I don't like all these comparisons,” he added.
“Everybody always thinks these player is the best which I can understand but what Sanchez did for the first year in the Premier League is absolutely exceptional and hopefully he will not only repeat it but grow again.”