The 26-year-old old scored and registered an assist during United's 2-2 draw with Leicester City on Saturday afternoon.
It means he now has 28 goal involvements in 31 games since arriving in January, with Scholes admitting Fernandes is greater in front of goal than himself in his prime.
"What he's doing is phenomenal, really," club legend Scholes told Tunnel Insider per ManUtd.com.
"He's better than me. He's different to me. He scores more goals than me, he creates more goals than me.
"I'd like to play with him, probably behind him would be alright. But no, he's been sensational, a big difference.
"I think before he came to the team, United could hardly create a chance with some of the stuff they were playing, but now they look like they can score three, four or five goals every game."
A draw to Leicester means United missed a chance to move up to second, behind current league leaders Liverpool.
Scholes thinks United can remain in the title mix, despite a poor start to the season, if Fernandes can stay fit.
"What he's doing is phenomenal, really," the former England international added.
"I think if you look, since he's been [here], United would be top of the league if they won their game in hand, with more points than Liverpool, which is strange to think really because they've had such a bad start to the season.
"Well, you thought it was a bad start to the season, but they're still right in there and I think they can only get better.
"The numbers he's produced are just ridiculous, let's hope he carries on.
"If people think Manchester City are in the mix, you have to think we're in and around it.
"We possibly need to improve because Liverpool have set such a high standard. We've already lost three games - I think the last two winners of the league have lost three and four games.
"We're 14 games in and we're going to have to go on some run, there's no doubt about that. "I think if Ole can keep his best 12, 13, 14 players fit, I think we'll have a chance."
Featured Image Credit: PA Images
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