Newport Gwent Dragons' Faletau played a key role in the Lions' series win over Australia this summer, starting the third and final Test in Sydney.
And Teichmann, who finished his career with Newport, believes Faletau is up there with New Zealand No.8 Kieran Read, who excelled in the recent Rugby Championship, particularly last weekend's thrilling victory over South Africa.
"Toby really impressed me during the last World Cup in New Zealand and, like every good No.8, he has that power and explosiveness," Teichmann told the South Wales Argus.
"But he's more than just that as well because he links well with the backs and is more than just a bashing type of loose forward.
"He reminds me a bit of Kieran Read and he can break up defences and has those creative attributes that make him more than just another powerful loose forward who gets over the gain line."