Speaking to Australian radio station Triple M Sydney, the Guns 'N' Roses rocker said that he supports Sheen and finds the Two and a Half Men star to be a "cool" guy.
"We're neighbours. I love Charlie. Charlie is probably the most rock 'n' roll character in entertainment today," he explained.
"All things considered, he's been having a little bit of a hard time just recently with all the bad press and everything. But he's been managing to get away with what he's been doing on that show and get a raise over the last... more than ten years! I think that's pretty cool."
Slash went on to confess that he relates to Sheen's substance abuse problems as he struggled with the same issues for many years.
"I never did find a balance. I was one of those guys that managed to work and be under the influence on a regular basis. But I was responsible and I showed up and I never fell over on stage and I never missed a gig," he said.
"I finally just got to a point where I got sick and tired of all that and just wanted to focus on music and stop dividing my time with the energy of keeping that together.
"With that said, there is a cap - there is a point where you can't be productive... There is a point where you really have to make a decision as to how you're going to have to go about your future."