Set to play a four-Test series against India starting on February 23 in Pune, Waugh felt the Australian team would have to keep calm under pressure and find ways to deal with Ashwin's bowling.
"Ashwin is basically the Bradman of bowling. What he is doing is quite incredible. I think he is the player we have to overcome. The Australians would have to look at ways to overcome Ashwin's bowling. If Aussies can do that then we will have a chance. The guys need to stay calm under pressure," said Waugh.
The 51-year-old legendary batsman said that it would be a difficult series for Australia as India are a very settled side and Virat Kohli's captaincy is contagious.
"India are playing very well at the moment and are a very settled side. Everyone is very comfortable in their roles. They are also playing a lot at home. It is very hard to beat them at home and that has been proved in the last couple of years," said Waugh during an interaction before the start of the Laureus Worlds Sports Awards.
Waugh, however, felt that writing off the Australian team, as Sourav Ganguly had recently said, would be completely "foolish".
"Australia will provide a pretty good test to the formidable Indian side. There are players that India do not know much about and that would work to Aussies' advantage. The first Test will be very important. If the Aussies can get off to a good start and do well in the opening Test match, you never know. Anything can happen.
"The senior players need to do well and that is going to be a challenge in the opening Test. We have some match winners in our team. Sourav's been a bit optimistic there."
Waugh said he could not understand why Australia's recent performances in overseas series had been so dismal.
"I don't know the reason. It is a global game. You have neutral umpires. There are no excuses not to play well away from home anymore. May be it is a mind thing. The very thought that you are playing away from home may be playing in their minds. Don't know the reason why they have not been doing well overseas.
Waugh hoped that Australia will do better than England, who were beaten 4-0 in the five-match Test series.
"You have to be positive. England missed a trick in the first Test. If you have got injuries, you can't sit back. You got to be positive. England should have won that first Test but they couldn't and lost the momentum after that. Virat Kohli started doing well and then there was a Tsunami of support."
The World Cup-winning former captain expressed confidence that David Warner would do well in big-ticket series irrespective of whether Australia win or lose.
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