The Everton loanee is struggling to win over the Owls fanbase, but the Portuguese is tipping him to come good at Hillsborough.
McGeady arrived in South Yorkshire on deadline day, having played just 45 minutes of football for the Toffees this season.
The Republic of Ireland international has started eight games for the Owls, though he is yet to complete a full 90 minutes as he continues to build up his fitness.
He was on target in last month's win over Nottingham Forest, but has failed to push on as expected.
Carvalhal, though, isn't concerned by McGeady's lack of progress and insists 'he will do better in future', with five games left of the regular season.
"He’s a player that came to us later than others and that is not easy to understand exactly what we want and the way that we play," Carvalhal told the BBC ahead of Saturday's clash with fellow play-off chasers Ipswich Town.
"Even though we know he can do much better, we are not unhappy happy with him, we are happy to be with him here.
"He is a player who is improving and it’s a natural process to understand the team better day by day.
"We know and he knows that he will do better in the future."
In the eyes of Carvalhal, McGeady's situation is comparable with that of the team's two standout performers this season.
"Even players with big experience like Fernando (Forestieri), like Gary Hooper, and like McGeady, when they arrive they take time to understand everything," the Portuguese added.
"I remember when Fernando came people had doubts about him, in the first two, three games, and with Gary Hooper - worse!
"Probably in (the first) four or five weeks, (people were asking) ‘what is this guy doing here? We know they are very good players so with time they will do better."
Forestieri and Hooper are Wednesday's top scorers with 14 and 11 goals respectively, but it took the former seven games to register his first Owls goal.