Three-times champion Lauda has often been critical of Hamilton in the past, notably during the 28-year-old's error-strewn campaign of 2011.
Following the Canadian Grand Prix in June that year, Lauda described Hamilton as being "completely mad" and likely to kill someone after colliding with Red Bull's Mark Webber and his own McLaren team-mate at the time Jenson Button.
But when it came to luring Hamilton from McLaren to Mercedes last season, non-executive chairman Lauda was the man who sold the Brackley-based marque's ambitions to the Briton.
Hamilton ended up signing a three-year contract, and over the past few months has discovered they have many things in common.
"Niki is an out-and-out racer, a complete legend and I feel like I share a lot of similarities with him, how he approached racing and how he is as a driver," said Hamilton.
"That's why I feel we are perhaps closer than we both had thought we would be.
"When we started talking I didn't feel it was not going to be a good relationship.
"I know we hadn't really spoken a lot at all really when I was at McLaren, and I know he had certain views and opinions about me.
"I didn't have any opinions about him. I just saw him walking around with his red cap and knew about his past.
"I probably just never expected we would get on as well as we do and my respect for him to grow to where it has. I didn't know we would get on as well.
"We just both love racing cars, and even though he's not racing he's always asking 'What can I do for you to help me improve the team?'
"He's always giving me advice and I really take it on board. He's massively intelligent, he's experienced a lot in his life and so he's definitely a good person to take positive knowledge from.
"It's just good to have those kind of people working with you."
Hamilton has responded in his new environment by claiming the last four pole positions, along with his maiden victory for the team in Hungary last month.
Overall, Hamilton feels the triumvirate at Mercedes of Lauda, team principal Ross Brown and motorsport director Toto Wolff "really work well together".
Hamilton added: "I've not really seen any issues they've had.
"I'm grateful they have welcomed me into the team and am happy I am in the team working with them."