"Certainly he's up there with the very best. What I love about him more than anything else, you look at the way he walks out to the crease. He always has presence," Richards said.
"There is a tenaciousness about him. He walks out and believes. He's not going to be intimidated by no one. I would like guys like that. I appreciate seeing guys who come out and have a particular presence," he added.
Though their careers did not overlap, much like Ponting, Richards was known for his swagger and the ability to intimidate the best of fast bowlers.
"You've got to make that crease your house.
Ricky always made the crease his house. I've always been in his corner as a player because of that brashness, he's an in-your-face sort of guy. Show no fear.
"Batsmen sometimes can be intimidated by a guy from how far he runs up, but you just put that at the back of your mind and bat with what you have. Ricky, to me, certainly did that," Richards was quoted as saying by 'ESPNcricinfo'.
Richards is part of the BBL this year as a batting mentor for the Melbourne Stars, who are led by Shane Warne, a man who played 85 Tests alongside Ponting.
"He was a guy who was pretty tough and an uncompromising sort of player. He will definitely go down with Greg Chappell and Allan Border and Bradman as the greatest batsmen Australia have had, and he'll hold up well on the international stage," Warne said.
According to the legendary spinner, Ponting performed when Australia needed him the most.
"He loved a scrap, he loved a fight. It's not about how many runs you get, it's about when you get your runs and when you take your wickets. I think Ricky always got the majority of his runs when Australia really needed him."