Schmeichel senior was named UEFA Goalkeeper of the Year four times in the 1990s, as well as being named the Premier League Player of the Year in 1996.
The 52-year-old played nearly 400 times in eight years at Manchester United, winning 11 major honours including captaining the side an unprecedented treble in 1999 after winning the 1992 European Championship with Denmark.
Meanwhile, Kasper has seen his inauspicious career with Notts County and Leeds United turn into a chance of following in his father's footsteps by winning a Premier League title with Leicester City this season.
The 29-year-old has kept nine clean sheets in 28 Premier League matches this season, and Thorstvedt is adamant the younger Schmeichel is as good between the posts as the elder.
He told the Mirror: "I think that he is as good as Peter was. The difference is that Peter was the world's best goalkeeper, Kasper isn't, but football has evolved.
"For me, it looks as if Kasper has a natural high self-esteem. He may not be a dominant leader type, as his father was, but I am very impressed with Kasper. He had to work hard for it. It becomes harder when you have such a name."
Kasper Schmeichel has over 200 times in all competitions for Leicester since moving from Elland Road in 2011, helping the club rise from Championship no-hopers to Premier League title contenders in his time at the King Power Stadium.