Kane will lead Bayern's attack when they visit Atletico in the Champions League on Tuesday, with Simeone expecting a difficult test against one of Europe's most dangerous goalscorers.
"Firstly, I'd like to congratulate him on his well-deserved Ballon d'Or. It's incredible - I've always admired him," Simeone said.
The Argentine believes Kane has continued to improve with experience while retaining the natural finishing ability that makes him such a threat.
"As he's matured over the years, he's found his best form without losing his eye for goal; he knows what the team needs," Simeone added.
He also highlighted the England captain's influence beyond his goalscoring, pointing to the example he sets for younger players.
"His talent is a real asset to the game and to the young players who look up to him, because he leaves a legacy showing that you can achieve great things through hard work," Simeone said.
Atletico head into the encounter in impressive form, having won eight of their last nine matches in all competitions.
Their latest success was a 2-1 victory over city rivals Real Madrid in La Liga, extending their unbeaten run to nine games.
However, Simeone's team have work to do in the Champions League, sitting 16th in the standings with four points from their opening three matches.
Bayern are one point ahead in 14th place but arrive in Madrid after drawing their last two European fixtures.
Simeone knows maintaining consistency will be crucial as Atletico look to build on their recent improvement.
"Finding that balance and consistency is the hardest part, and it's what all of us coaches want," he said.
"We need to enjoy the run and approach it with enthusiasm as we move forward."
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