Tonga-born Faletau will face arguably the biggest test of his fledgling international career when he goes head-to-head with Ireland number eight Jamie Heaslip in Saturday's World Cup quarter-final.
Faletau, 20, and Warburton are the only two players who started all four of Wales' group games.
And while Newport Gwent Dragons prospect Faletau has won just seven caps, Warburton believes he has an immense future in the game.
"I think Toby is unbelievable," Warburton said.
"He has started every game in this tournament, but he wakes up the next day and he is not even aching.
"He is very professional, and to play alongside him in the back-row has been incredible. He is just so chilled out, a good guy to be around.
"When I was 20-years-old I would have been in no shape to play number eight in a World Cup. For such a young boy, he is amazing."
Warburton will celebrate his 23rd birthday on Wednesday, but a belated present would be more than welcome if Wales could book their first World Cup semi-final appearance since the inaugural tournament 24 years ago.
And while Warburton has been enthused by his own squad's performances during the past few weeks, he also understands the danger of an in-form Irish side that stunned Australia 17 days ago.
"Everyone in the northern hemisphere knows Ireland have that type of performance in them," he added.
"They have got a lot of experienced players there, players peaking at the right time, so it did not surprise me too much."
Wales, meanwhile, have received a major boost ahead of the Ireland game, with three key players passed fit to resume full training.
Full-back James Hook, wing Shane Williams and flanker Dan Lydiate are all expected to be available for Saturday's showdown.
Hook (shoulder) and Lydiate (ankle) both went off during Wales' punishing Pool D victory over Samoa in Hamilton 16 days ago and have not played since, while Williams missed runaway victories over Namibia and Fiji due to a thigh strain.
But they will take part in training on Wednesday, giving Wales coach Warren Gatland a full squad of 30 from which to select his starting line-up.
Lydiate's recovery has proved particularly impressive after he departed with ankle ligament damage just 10 minutes into the Samoa game.
As part of his initial bid to regain fitness, he woke at two-hourly intervals throughout the night to ice his ankle, and that approach now looks as though it has paid off.
Former Wales captain Ryan Jones took over from him in the Namibia and Fiji fixtures, while Leigh Halfpenny and then Lee Byrne deputised for Hook, with Halfpenny moving from full-back to wing against Namibia and Fiji.
"Dan, James and Shane have all been passed fit to train tomorrow," said Prav Mathema, the Welsh Rugby Union's national medical performance manager.
"Pending any adverse reaction, we expect them all to be available for selection against Ireland this weekend.
"Gethin Jenkins and Sam Warburton are also both fit for selection following calf cramp experienced during the end of the Fiji fixture."
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