Victoria, resuming on three without loss in pursuit of 455, stormed home to a three-wicket triumph with 14 overs to spare thanks to Hussey's 212 not out from 218 balls.
His five-hour exhibition of controlled aggression secured the second-biggest run chase in the 111 year-old history of the Sheffield Shield, beaten only by South Australia's 506 for six against Queensland at Adelaide Oval in 1991-92.
"Exceptional," Waugh said of Hussey's knock, which included 26 sweetly-struck fours and five sixes and left him with 757 runs in the shield this season at an average of 108.
"He's got to come into contention for national selection, I would have thought, in both forms of the game, the way he played there," former Test skipper Waugh said.
Hussey only joined Victoria last season because Western Australia, where his brother Michael is entrenched didn't want him.
In Adelaide, paceman Gerard Denton led Tasmania on a record-breaking rampage against South Australia before his team's batsmen took control on day two at Adelaide Oval.
At stumps, Tasmania were 175 for three in their second innings, holding an overall lead of 270 after leading by 95 on the first innings.
Michael Dighton was out on the last ball of the day, leg-before to part-time medium pacer Mark Cosgrove for 45 the highest score of the match so far with Shane Watson unbeaten on 43.
The comfortable manner in which Dighton and Watson scored starkly showed how poorly South Australia batted in its paltry first innings total of 112, their lowest-ever score in a first-class match against Tasmania. Denton, getting plenty of swing and movement off the pitch, claimed 3-34.
Katich's dream run continues, Waugh fails