The BBC One show's judges admitted that they had watched the online videos, which included a 'Top 10 MasterChef Innuendos' and a comedy reworking of the Professionals series.
"I think it's just brilliant," said Torode. "The one where Michel Roux says, 'the presentation of that is stunning', and then the camera pans down to an ice cream with a cone for a hat and little Smartie eyes, is genius.
"And then to top it off Gregg says, 'That is a thing of beauty'. It is just brilliant. The thing about these spoofs is the time they must have spent doing them is incredible. It is just absolutely fantastic. I think it is done with affection."
He continued: "Have you seen the Top 10 innuendos on YouTube? The best one is our voiceover woman India, who says, 'It's taken Sarah 10 minutes, but she's finally got her gnocchi out'. I love that. It is good when people are starting to take the p*ss out of you a bit."
Wallace added: "We love people having a joke about the show. I was in Glasgow ahead of doing the MasterChef live event and I was pouring some cornflakes in the hotel when this bloke shouts at me, 'You've got two minutes!'
And then to top it off at the end of the meal, the hotel owner came out and said, 'I've got the boys in the kitchen lined up, they want to find out which one is going home'."
MasterChef continues next Wednesday at 9pm on BBC One.