Mihajlovic, who made more than 100 appearances as a player for Sampdoria, took the reins at Stadio Luigi Ferraris in November with the club placed in Serie A's bottom three.
However, Sampdoria are now comfortably positioned in 12th, having picked up 10 wins in 23 games since Mihajlovic's arrival.
With another season in the top flight now secured, Palombo has praised the impact of his coach.
"I did not expect to achieve salvation with 10 days to go even though I have always been always sure of avoiding relegation," the defender told TeleNord.
"Mihajlovic has brought peace of mind, confidence and serenity.
"These innovations were the keystone of our second half of the season."
Sampdoria finish their campaign with matches against Parma, Napoli and Udinese.
