Manchester United forward Rooney and Liverpool striker Suarez are keen on moves away from Old Trafford and Anfield respectively, with Reds manager Brendan Rodgers to accusing the Uruguayan of being disrespectful to the club.
Mackay, who on a smaller scale had to deal with a transfer request from winger Craig Conway last season, agrees with the Northern Irishman's assessment.
"I had a player last year who put a transfer request in and he ended up staying and scoring the goal that won us the Championship title," he said.
"Every individual and case is different, but I think there needs to be a transparency there, an openness between yourself and the player and a conversation as to where you both see his future.
"But every situation is different and the higher the profile of the player the situation can be dictated slightly by him.
"But at the end of the day if you sign a contract with a football club you are under obligation. Nobody forces you to sign it and at the time most players are delighted to sign because of the financial obligations.
"You should respect and honour the football club for giving you that. There are situations where chairmen and owners back managers financially to give players that contract and their right is to keep that player under that contract."
Mackay is preparing the Bluebirds for their maiden Barclays Premier League campaign, which gets under way at West Ham a week on Saturday.
The Scot has already broken the club's transfer record twice this summer with the acquisitions of striker Andreas Cornelius and England defender Steven Caulker.
But Toulouse's French international midfielder Etienne Capoue will not be his third big-money signing.
Cardiff had a bid of around £9.5million accepted by the Ligue 1 club, and even agreed personal terms with the 25-year-old, but Capoue is set to move to top-flight rivals Tottenham instead.
Mackay said: "We had a bid accepted but it looks as if he has decided, as far as I am aware, to go to Tottenham.
"It looks like it will go that way."
In addition to Cornelius and Caulker, full-back John Brayford and goalkeeper Simon Moore have arrived at Cardiff City Stadium, but Mackay will want to further strengthen his squad regardless of whether it takes right until the end of the transfer window.
"This transfer window is not any more difficult than last year or the year before," said Mackay, who continues to be linked with moves for Peter Odemwingie and Jefferson Montero.
"With the targets we want invariably there is also competition or clubs don't want to sell.
"We signed five in the last week of the window last year and we have brought in around 25 players to the club over the last two years, so we are well versed in the mechanics of how this works and the patience you sometimes have to have.
"Sometimes things happen quickly, like the Steven Caulker deal, other times it can be more protracted.
"We have some plates spinning at the moment, if it will take until September 2, then that is what it will take."