The former Wednesday star believes that Carvalhal has got the players enjoying their football again.
“One defeat in 12 is an amazing run,” Hinchcliffe told Sky Sports. “You don't go on a run like that through good fortune.
“With the methods that he uses, with a smile on his face, Carlos Carvalhal has got the players enjoying their football.
“In the Championship you are going to lose games, it is a tough division. If they continue doing what they've been doing, they'll be dark horses for promotion."
Carvalhal was appointed the Wednesday head coach in the summer, and initially there were doubts.
The Portuguese had been without a managerial job for nearly three years, and there were concerns how he will adapt to the Championship.
The 49-year-old has proven his doubters wrong so far, as Wednesday remain in the hunt for a playoff spot in the Championship table.
The Owls are ninth in the standings at the moment with 24 points from 16 matches, just four points behind sixth-place Birmingham City.
Wednesday suffered a 3-1 defeat to Charlton Athletic away from home in the Championship on Saturday afternoon, but it should not take anything away from the wonderful job that Carvalhal has done at Hillsborough so far.