The Morocco international scored two second half goals as QPR beat local rivals Fulham 2-1 at Loftus Road to move off the foot of the table.
It was the first win under Redknapp and QPR's first league victory since they beat Stoke on May 6.
Taarabt was inspirational for most of the game and Redknapp enthused about his match-winning contribution.
"(He has) Fantastic ability, he was amazing today [Saturday]," said Redknapp.
"He is an amazing talent, we all know that and we have all seen it since I went to Tottenham, no-one ever doubted his ability or his talent.
"I decided I had to get him in a position where he wants to play.
"He has been playing off the left but today [Saturday] I played him in the hole, off the front man and tried to get him between the lines - play little balls in those holes to him and every time he got the ball they were in trouble."
Rangers dominated for much of the game but conceded a late goal through a deflected Mladen Petric strike and Redknapp admitted the goal led to a tense final few moments at Loftus Road.
"We deserved it (the win)," he said. "I thought we were the better team and it would have been a travesty if we had conceded another goal in those hectic couple of minutes went they pushed (Brede) Hangeland up and bombed it into our box.
"When you have not won, psychologically the players must have been thinking 'oh my God' when they have got the goal and they think an equaliser is going to come, it must have been difficult.
"It was difficult for me watching that last four minutes and they must have felt the same but we hung in there and got the result we deserved."
The result moves QPR onto 10 points and above Reading into 19th place and Redknapp felt it was a necessity to end the winless run before they were cut adrift.
"At least it keeps us in there, if we hadn't won today [Saturday] it would have been absolutely desperate," he said.
"It is going to be tough, we are not going to kid ourselves but we have had one win but we are on a good run, we have had four games and taken six points.
"If you can take six points from every four games you will stay up - hopefully that can kick-start our season now and keep us going."
Former Tottenham boss Redknapp was congratulated by his chairman Tony Fernandes at full-time and dedicated the victory to the Malaysian.
"I met him today [Saturday] for the first time, he came down and he was delighted - he was so pleased," he said.
"The people here deserve it - as I've said a million times they are nice people and they deserve that win today [Saturday] so that was good, I was delighted for them today [Satiurday]."
Fernandes said at the end of the match that he was glad to pick up a first league win of the campaign and likened it to winning the league.
"I am a very relieved man. That is the best Christmas present ever," he told Press Association Sport.
"It was a great team effort, they deserved it. We've been threatening for a while and what a way to get the winning goal.
"It is looking good and we're undefeated under Harry. I feel like I have won the championship."
Fulham boss Martin Jol felt the majority of his players who played well in Monday's 2-1 win at home to Newcastle had not turned up at Loftus Road.
"I'm very disappointed with our style of play - I can complain about the goals but especially first half we never looked to earn the right to use our quality," he said.
"We looked a bit rigid. On Monday we had players in midfield, like they had Adel today [Saturday], they need to travel and do something extra.
"We didn't do the simple things or play in the flow. I wanted to give 10 of the 11 players who played last week the chance to do it again but there were too many players not there."
The Dutchman also felt the defending from his side could have been better for both of Taarabt's goals.
"The second goal for example was very cheap and easy and the second was a deflection.
We tried to get in their half and the passing was sloppy and they could break us away from home. Our two central midfield players could never get up the pitch and support."