The teen singer revealed that the two have helped each other through break-ups in the past, including Swift's split from fellow singer Joe Jonas in 2008.
"Every problem I ever have is healable by Taylor Swift," Gomez told Top of the Pops magazine.
"What I love about Taylor is that she believes in the whole love story - Prince Charming, soul mates. Because of her, I haven't lost faith."
She added: "When Taylor was going through a hard time breaking up with Joe Jonas, we'd make each other playlists. I'd send her some girl-empowering music and she'd send some back."
Swift has also been open about her close friendship with Gomez, describing the Wizards of Waverley Place actress as being like a "sister" to her.
It has been confirmed that Gomez will host this year's MTV Video Music Awards pre-show on August 28.
Watch the video for Selena Gomez's 'Magic' below: