Former Celtic striker Miller will remain at Rangers until June 2017 after putting pen to paper on a new deal earlier this week.
The former Scotland international is currently in his third spell at the Gers, and former Rangers midfielder Ferguson believes that it was a good decision from the club.
“It’s an excellent bit of business by Mark Warburton and Davie Weir who know exactly what they’re getting,” the former Blackburn Rovers midfielder wrote in The Daily Record.
“Yes, Kenny might have jumped the dyke all those years ago but he is now steeped in Rangers traditions and is the one player inside that dressing room who knows the standards which have been set at Ibrox down the years.
“He’s a link to the past and also a reminder to the future generation of the levels of professionalism which are required to make the grade as a Rangers player.”
Miller re-joined Rangers in the summer of 2014 and played an important role in the team reaching the Scottish Premiership playoff final last season.
The 35-year-old former Derby County striker will be a key figure for the Glasgow giants in their attempt to win the Scottish Championship title this term.
Rangers are at the top of the league table at the moment, two points clear of second-place Hibernian with a game in hand.
Mark Warburton’s side will face Livingston away from home in the Scottish Championship on Saturday afternoon.