The 26-year-old joined the Swans last July in a £3.5million move from npower Championship side Watford and has fired 10 Barclays Premier League goals so far this season.
"He's had a marvellous season," Pardew told The Gazette. "He's done really well. We will have to be on our guard against him, because he's their out-and-out finisher."
He added: "All that clever stuff they do when they keep the ball all ends with him scoring. So if you stop him scoring, it makes it difficult for them to score."
While the manager was full of praise for Graham's efforts this season, Pardew denied he missed a trick in not signing him for Newcastle.
"I wouldn't say he got away," Pardew said. "But I knew about him, because (then Watford manager) Malky (Mackay) had tipped me off. We just didn't have enough on him. We couldn't do enough work in terms of whether he was going to fit the bill for us."
Newcastle approach the game on a three-match winning run while Swansea have lost their last two league fixtures against Tottenham and Everton.
However, Pardew hailed several Swans players who he believes have not enjoyed enough plaudits following their success in the top flight this season.
"You have to say that Swansea have attacked the game and tried to play and been encouraged to play and taken chances when perhaps they shouldn't take chances, and done it admirably," Pardew said. "They've got themselves security I think for next year already so they can plan for next year and bring one or two players on top of the players they've got.
"Some of those players deserve a lot more praise than they've been getting - Leon Britton, Scott Sinclair, Ashley Williams, they've been absolutely outstanding."
Source: PA
Source: PA