Speaking after his side suffered a shock 2-0 friendly loss to lowly Swiss side Lugano on Saturday, the Italian made the point after Sneijder missed the game as a result of injury.
"I have no doubt that Sneijder is Inter's Totti, as when he is on the field something magical always happens," the 59-year-old said to Gazzetta dello Sport.
Despite the loss to Lugano, Ranieri believes that it was a good "training session" for his players.
"It was still a good training session and allowed us to test out the condition of some players returning from injury," he said.
Despite languishing in 17th spot on the Serie A table as a result of a poor start to this season, Ranieri still believes his side can challenge for honours.
"This team has no limits, as we can still win the Scudetto," the manager concluded.