McCourt's previous competitive appearance for his country came in a 2-0 World Cup qualifying defeat to Israel in March 2013.
The 30-year-old Brighton and Hove Albion winger put in a stunning display when Northern Ireland last faced the Faroes, scoring twice and laying on another goal in a 4-0 Euro 2012 qualifying win back in August 2011.
And O'Neill believes McCourt could be a useful weapon in their Euro 2016 Group F qualifier at Windsor Park this weekend.
"Paddy's previous against them has to come into the thinking given the nature of the game we're expecting," he said.
"The Faroes will try to be hard to break down and a lot of strong teams haven't found it easy against them recently. Paddy has the ability to unlock the door and he gives us different options.
"He's unique in terms of what he brings to our squad.
"He hasn't played a lot of minutes at Brighton but we've watched him and it's a question of what we can get out of him."
