Gerrard remains one of the Reds all-time greatest players, winning three League Cups, two FA Cups and the 2005 Champions League in his 710 appearances, but a league title evaded the former captain.
While he came closest to winning the Premier League in 2013/14 under Brendan Rodgers, the Reds eventually finished second, just two points behind Manchester City.
Henry, meanwhile, won two Premier League titles with Arsenal as he established himself as one of the best players in world football under Arsene Wenger.
In a chat with the PFA, the French icon lavished praise on Gerrard and opined that his failure to win the Premier League title wouldn't tarnish his legacy, as he "is Liverpool".
He said: "This guy, it pains me to look at him knowing that he didn’t win the league. I’m not saying that to be sarcastic, understand me well. 'Stevie G didn’t win the league’, when I say it, it sounds weird.
“That doesn’t change the impact, what he could transmit, how he used to transcend people, the energy, the aura, the attitude. This guy, when he was on (form) - even when he wasn’t on - he used to try to find a way to motivate people. To get the crowd behind him; to get players that you might have thought were not that great, suddenly because he told them or tackled someone or smashed the ball in from 35 yards, everyone is like, ‘we will follow this guy’.
“This what I’m saying, it’s not so much about titles - it is - but it’s also about, do you inspire people? What do you transmit? How do you transcend people? When I think about Liverpool - the older generation will give me other names, King Kenny, Ian Rush - but, for me, he is Liverpool.”
In addition to finishing second in 2014, Gerrard was a Premier League runner-up on two other occasions, in 2002 and 2009.
Despite not lifting the trophy, he was named in the PFA Team of the Year eight times – the most of any player in the league's history – and won the PFA Player of the Year award in 2006.