The Aerosmith singer credited Lopez with bringing an "energy" to American Idol that keeps the judges and contestants on their toes.
"She's a sexy beast. I feed off that female energy with her," Tyler told The AP.
He added of his friendship with Lopez: "I'm always flirting with her. It's not a bad thing. It's really a good thing. The best part of it all is that we've been able to pick some good talent. Just look at this year."
Tyler refused to comment on rumours that Lopez will not return for a third season, but did insist that his own American Idol experience has been entirely positive.
"The ride has been nothing but good. I think people at home see that realness," the star commented. "I didn't think it would transcend like that and God bless that it did."
American Idol crowns either Jessica Sanchez or Phillip Phillips as its latest winner on tonight's finale, airing at 8/7c on Fox.