The Spaced actor starred opposite Cruise in Mission: Impossible 3 and its 2011 sequel Mission: Impossible - Ghost Protocol.
"I think people who have opinions of him are people who haven't met him," he told Daybreak. "He's a human being and that's it.
"He's incredibly creative and it means a lot to him that his movies are good, that's why he hung off the tallest building [in Mission: Impossible - Ghost Protocol]."
Pegg also complimented Cruise's family, saying: "He's quite normal, he a real family man, when Katie and Suri visited the set, they're just a normal family. Suri's a really sweet, unprecocious girl."
Speaking about his roles in various sci-fi franchises including Star Wars: The Clone Wars, he joked: "I'm one of the few people who's been in Star Trek, Doctor Who and Star Wars.
"In nerd terms I'm like Tom Cruise. I'm the Tom Cruise of nerds!"
Simon Pegg will star in the comedy A Fantastic Fear of Everything, which is released on June 8.
Tom Cruise will next be seen as rock star Stacee Jaxx in upcoming musical Rock of Ages, out on June 15 in US and UK cinemas.
Watch Simon Pegg and Tom Cruise in a featurette for Mission: Impossible - Ghost Protocol below: