The Red Bull driver took his tally to four successive titles after victory in this season's India Grand Prix gave him an unassailable lead over closest rival Fernando Alonso.
The 26-year-old also broke Schumacher's record of seven consecutive victories in a single season when he took his tally to eight in a row in Austin on Sunday.
And Schumacher - who retired from the sport for a second time in 2012 - believes his fellow German has the talent to surpass his achievements in the sport.
Speaking to RTL Television, Schumacher said: "I have always had the attitude that records are made to be broken.
"It is clearly the case that Sebastian is able to achieve the seven titles, as he is still so young and hungry. Maybe he can even go past it. I will definitely cross my fingers for him.
"If you look at the consistency of his performances and how he achieves it, it is very unique.
"There are some very good drivers in the field, but someone who is able to pull together all the facets of the sport so efficiently is very unusual."
Schumacher, whose last title was secured driving for Ferrari in 2004, also revealed Vettel asks him for advice.
He added: "I am sure that when he was a boy he would sit in front of the TV and try to analyse what I am doing.
"The nice thing is that even now he still calls me and asks me questions."
Vettel will look to end the season in style as he guns for victory at the Brazil Grand Prix in Sunday.