The Championship outfit parted company with former Cardiff City and Wolves manager Jones on Sunday, with the club languishing in 23rd position with just 11 points taken from 16 matches this season.
Warnock has emerged as a controversial contender to take the reins at the South Yorkshire outfit, with the 65-year-old having managed city rivals Sheffield United between 1999 and 2007, guiding the club to the Premier League in 2006.
While his appointment could potentially divide opinion among supporters, Pearson - who enjoyed a five-year spell as a player at Wednesday in the 1980s - believes the former Leeds United boss' experience of the Championship could be invaluable.
Speaking to Perform, he said: "Neil Warnock is obviously someone who is well known for being a Sheffield United supporter.
"(But) he sounds as though it's something he'd really like to give a go and I think if you're looking at that sort of scenario Neil knows this division inside out."
Former England Under-21 coach Stuart Pearce is another name touted as a possibility, and Pearson feels the former Manchester City boss could be a success at the club if given time.
"Stuart Pearce is obviously very high profile from his time in charge of the (Great Britain) Olympic team and the England Under-21's," he added.
"I think given time Stuart Pearce would be somebody who could do a great job."
Jones guided Wednesday to promotion by winning 10 of the last 12 games of the club's League One promotion campaign in 2011-12, but - after narrowly avoiding relegation last season - came under fire with the team winning just once this term in a 5-2 triumph over Reading.
And Pearson admitted he was disappointed to see Jones go, but concedes the time was right for change.
"You don't want to see anybody lose their job," he continued. "Everybody was willing Dave Jones to be successful but I think probably the time had come where a new face was needed.
"I think after 16 games, you've only won once and you're six points adrift, I think it possibly is the right decision.
"It was a tough situation for Dave Jones that he found himself in. Obviously he got us promoted a couple of seasons ago but we've struggled really since, being down the bottom end of the table."
