The Premier League leaders visit Upton Park on Sunday, with West Ham facing the unenviable task of trying to halt the Merseyside club's 13-match unbeaten league run, which includes eight straight victories.
The Reds' title challenge has been forged around the strike partnership between Suarez and Daniel Sturridge, with the duo combining for 49 top-flight goals this season.
Allardyce reserved particular praise for Suarez, who he places "in the top two or three in the world".
"At the moment I think that the Liverpool team, in terms of its form and results, is operating at 100 per cent," he said.
"When you have two quality strikers of the ilk of Sturridge and Suarez then the rest of the team know that somewhere along the line they're going to put the ball in the back of the net if they provide the service for them.
"At the moment he [Suarez] now finds himself in the top two or three in the world. The commitment he showed to Liverpool and they showed to him, seems to have given him that extra impetus this season to go out and be even better than he was after the problems he had.
"The combination with Sturridge has flourished where that looked a little concerning in the early stages as neither wanted to play in a wide position.
"That seems to have all come together now and the rest of the team is providing the service behind them and has grown in quality and confidence."
Liverpool will undoubtedly begin the match as favourites, but West Ham head into the encounter with back-to-back 2-1 victories over Hull City and Sunderland.
And Allardyce is hopeful of giving Brendan Rodgers' men a run for their money.
He added: "We're on a top-six run of form at the moment and hopefully that will give us the chance to challenge Liverpool on Sunday."
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