Ponting made a spectacular leap to a wide second slip after Lee had squared up How with a ripper delivery and took the catch one-handed.
"That was the best catch I have seen live. There's obviously been a lot of great catches around since cricket has been on. Playing in games and watching a game live, that is the most amazing catch I have ever seen," the Herald Sun quoted Lee, as saying.
Ponting, 33, expressed his delight by setting off on a celebratory sprint and out sprinting his pursuing teammates.
"You get one or two you fluke through your career, I guess. It''s always nice; I enjoyed it. Any catch you take in the slips is enjoyable, but to get one like that and remove one of their more dangerous players was a nice thrill for everybody," Ponting said.
I couldn't believe it, he couldn't believe it and it goes down as one of the all-time great catches, definitely," Lee said.