Hamilton clinched his fifth world title this year after comfortably seeing off the challenge of Sebastian Vettel.
The Brit is now just two Drivers’ Championship wins behind the legendary Schumacher.
And Wolff reckons Hamilton will keep up his momentum over the next couple of years to lead the Silver Arrows to glory.
“Obviously Michael has set the records and was unbelievable but Lewis is on a similar trajectory,” Wolff told Reuters.
“Also with Michael, [his greatness] was only recognised after he retired and even more when tragedy struck. And I think it’s a pity.”
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Meanwhile, Hamilton finished second to Tour de France winner Geraint Thomas at the BBC Sports Personality of the Year awards on Sunday.
And Wolff was disappointed to see his driver miss out on a second SPOTY trophy, following his success in 2014.
“We are live spectators, live witnesses of a great racing driver at the peak of his abilities,” added Wolff.
“In the US you are very much inspired by success.
“In Europe it triggers much more envy and negativity.
“I am certainly biased because I have an emotional attachment to Lewis, for me the greatest sports person that is in his career in Britain.
“Everybody wants to be recognised, particularly in their own country and in order to achieve the success he has, you need to be sensitive.
“He is that exceptional sports personality also because he polarises.
“And I think at the end of the day, he’s thinking that he’d rather polarise than be just in the middle and boring.
“He stays true to himself and his values and that is the most important thing.”