The Bridesmaids producer predicted to USA Today that Baron Cohen will someday be seen as a legendary comic figure.
"He reinvents all the rules and has more courage than the rest of us. His six funniest moments are six of the funniest moments in comedy history," Apatow declared.
Apatow was also present at the 2012 Oscars, when Baron Cohen's The Dictator character Admiral General Aladeen dumped the supposed ashes of deceased North Korean leader Kim Jong-Il all over interviewer Ryan Seacrest.
"It was hilarious," Apatow recalled. "Things get very stale."
He added that the incident should be a landmark for comedy: "Our entire industry needs someone to dump ashes on it. I appreciate that he tries to shake things up."
Seacrest recently revealed that Baron Cohen apologised for the incident when the two later met at Saturday Night Live.
The Dictator is now playing in US and UK cinemas.
Watch a trailer for The Dictator below: