Despite praising the machine's power, Miyamoto said that the Vita is lacking the right combination of software and hardware.
"It's obviously a very hi-spec machine, and you can do lots of things with it, but I don't really see the combination of software and hardware that really makes a very strong product," Miyamoto told Edge.
Miyamoto seemingly went on to compare it to the Nintendo 3DS, which also suffered from a lack of games during its first few months on sale.
"When we launched the 3DS hardware we didn't have Super Mario 3D Land, we didn't have Mario Kart 7, we didn't have Kid Icarus: Uprising. We were striving to have all of these ready for the launch, but we weren't able to deliver them at that time.
"We were kind of hoping that people would, nevertheless, buy into the product, find 3DS hardware promising, but looking back we have to say we realise the key software was missing when we launched the hardware."
Miyamoto made the comments during a recent visit to Le Louvre in Paris for the launch of the Nintendo 3DS interactive tour guide.
Despite launching with the likes of Uncharted: Golden Abyss and Wipeout 2048, the PlayStation Vita has failed to match sales of the 3DS.
Watch the PlayStation Vita UK advert below: