Ferrari is the sport’s most successful team but have not added to their 16 constructor’s world titles since 2008.
Their decade-long drought would not have happened with the ‘leadership’ of Michael Schumacher at the wheel who would have taken them out of the current crisis said Mr Ecclestone.
The 88-year-old, who was head of Formula One for around 40 years, told Italian newspaper Gazette hello Sport Vettel does not have the same leadership qualities as Schumacher.
He said: “Michael took Ferrari on his shoulders and led the team out of the crisis, he was a leader, Vettel is not like that.”
Mr Ecclestone added he thought Vettel was not happy at Ferrari which was the underlying cause of him not delivering the team another title since his move from Red Bull.
The F1 veteran said Vettel’s success at the Austrian team, where he won four world titles, was down to him feeling far more comfortable there than at Ferrari.
Mr Ecclestone said: “At Red Bull, Sebastian was used to being loved.
“I do not think Ferrari was that way.”
He added at Red Bull Vettel would, “talk to everyone, everyone spoke to him”, but he has “lost his concentration” at Ferrari.
Mr Ecclestone spoke of Vettel’s sensitive character “which is strange for a German, he has to be stronger inside and look at things more calmly”.
He added: “He is not finished, he has every opportunity to pull himself together and find himself.”
The former F1 boss attacked Vettel for making mistakes, without which he believes Ferrari would have continued the success of former President Sergio Marchionne who died in July.
Mr Ecclestone said: “Marchionne was a respectful person and his presence would have given the team more confidence.
“I do not understand why the team lost itself at a certain point.
“When Sebastian Vettel made mistakes, the team made mistakes.”
The comments came as Michael Schumacher’s son, Mick, revealed his “best times” with his father, who is still recovering from a skiing accident in 2013.
Mick, who won this year’s Formula 3 world championship and is vying to follow in his father’s Formula One footsteps, said his favourite moments with his father as a boy were going to the local karting track when it was closed to perfect his driving.
He said: “Even on days when the track was closed in Kerpen, we went there and were allowed to race our laps there.
“All the refining we did to be faster was also a lot.
“That was always the best time.”
Mick also revealed a poignant conversation with his father when they decided he would pursue a motorsport career.
He added: “Dad finally asked what we wanted to do.
“Whether we want to do it professionally or whether we want to do this just for fun, as a hobby.
“Of course, I said it very clearly, I want to do it professionally.”