Meredith, 26, has piloted the ACT side to third on the Super Rugby Pacific ladder and will steer the Brumbies in their clash with arch-rivals NSW on Friday night in Canberra.
Shifting from the bench into the No.10 jersey after the departure to Japan of Noah Lolesio, Meredith has impressed many with his maturity under pressure, including Schmidt.
Able to play fullback or wing, Meredith also possesses valuable speed.
"Having watched him at Brumbies training, he also is quite commanding in the way that he runs the team, in that others are looking for direction," Schmidt recently told Stan Sport.
"Declan's done a longer apprenticeship than most coming into Super Rugby.
"Some of the other guys, they come in very young and it's hard to see the wood for the trees sometimes at 10, with that step up and pressure - and when you get to Test level, that wood's a lot thicker.
"Having had those experiences and built on them, I think it just allows him to see more, and stay calmer, and be more decisive."
Meredith said he was happy to have his name thrown around in the Wallabies mix, but he was keeping his focus firmly on the Brumbies.
"I think I would be ready for it, but obviously it's definitely a massive step up to go from club to Wallabies level," the Cairns product said on Monday.
"The best thing I can do is just keep my focus here, keep building on my game, keep developing that, and then if the opportunity ever came it'd be nice, but definitely the focus is here."
Meredith said he hadn't changed his game but was savouring the opportunity to play more match time rather than a bench role.
"Bernie (coach Stephen Larkham) is really encouraging me to just play my own game, which is really benefiting me ... and just the confidence he's putting into me, the boys around me are putting into me, it's allowing me to play the style that I like to play," he said.
The Waratahs will be smarting after letting slip a 20-8 second-half lead, with the Blues running out 35-20 victors last round.
They sit outside the finals-bound top six in seventh spot on the ladder with two wins from five matches.
But coaching against his former side, Tahs boss Dan McKellar is certain to get his troops firing for the match.
Meredith could square off against a former mentor in Jack Debreczeni, who shifted from Canberra to Sydney in the off-season.
"Everyone knows 'Tahs' week' is a massive week and it's a big rivalry," Meredith said.
"There's a couple of familiar faces we're coming up against, so it's going to be quite an exciting game."
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