The 22-year-old forward joined Rangers on a season-long loan from Premier League outfit Brighton in the summer and has established himself as a regular starter in the Gers squad.
Sima initially struggled to get going in the Scottish Premiership, but has managed to find his shooting boots as he has scored seven goals in nine games for Rangers.
Ferguson admitted that he was not convinced when Sima joined Rangers on loan and added that the player was a raw product when Michael Beale signed him in the summer.
However, he admitted that Sima reminds him of his former Gers team-mate Lovenkrands and pointed out that the youngster has the same blistering pace as the ex-Rangers star did.
“Hands up, I must admit, I wasn’t convinced with Sima at the start of the season when he first came in on loan from Brighton”, Ferguson wrote in his Daily Record column.
“He looked like a player low on confidence and struggling to get to grips with the responsibility of being a Rangers player.
“But it’s a very different story now.
“I’d go as far as to say he reminds me of Peter Lovenkrands who also came to the club as a winger but who became a massive player for us when he was played through the middle.
“Like Sima, Lovenkrands had blistering pace and that terrifies defenders.
“Peter will admit himself that he wasn’t the greatest finisher in his early days but he worked on it and I can see the same improvements in Sima’s game now.
“Just a couple of months ago he looked a bit raw and had a tendency to snatch at the chances that were coming his way.”
Sima has scored 12 times in all competitions for Rangers so far this season and Philippe Clement’s side will want him to continue his form to keep them in the title race.