Miller, rated one of cricket's greatest and most entertaining all-rounders, died on Monday aged 84.
Miller, who played in Don Bradman's Invincibles team on the 1948 tour to England, passed away peacefully at a nursing home on the Mornington Peninsula south of Melbourne.
Ponting, who is recovering from a broken thumb which has sidelined him from at least the opening two Tests of the current four-Test series in India, issued a statement on Tuesday praising Miller.
"I was very saddened to hear about the passing of Keith Miller, who is undoubtedly one of the greatest Australian cricketers of all time," Ponting said.
"The impact he had on Australian cricket - and the broader community - was enormous, and has certainly been evident with the number of tributes being paid to him," he said.
"I have been amazed in the past 24 hours how many people have said to me that Keith Miller was a hero of theirs. He obviously had an incredible impact on many generations of Australians."
"It disappoints me greatly to say that I never had the opportunity to meet him, as it would have been a privilege to sit down with him and hear stories about his life as an Australian cricketer," he said.
"They say that it is impossible to compare generations, but I can say with certainty that Keith Miller would have been one of Australias biggest stars today, just as he was during his career."
"Australian cricket has lost one of its greats, but I am sure his memory and the impact he had on our great game will last forever," he stated.
Miller was a magnificent attacking batsman, averaging almost 37 in 55 Tests and claimed 170 wickets at 22.97.
Miller made his Test debut in 1946-47 against New Zealand and retired after the 1956 tour to England.
As an aggressive middle-order batsman, Miller was one of the game's biggest hitters and thrilled crowds with his dashing play.