The Manchester United legend has praised Schmeichel for the way that he led his team with the tributes to Leicester owner Vichai Srivaddhanaprabha, who tragically passed away in a helicopter crash.
Schmeichel witnessed the crash, and was the figurehead of the club's tributes to the immensely popular Thai owner.
Giggs, who played with Kasper's dad at Manchester United, told 'Sky Sports' how proud he was of his conduct.
"I've known Kasper since he was a baby," said Wales manager Giggs.
"He showed what class he's got over the last few weeks and it's obviously affected him deeply.
"There was a lot of respect for the owner and it's difficult. It's horrendous what happened, not only for the Leicester players but everyone in football."
Giggs and Schmeichel will be in rival camps at the Cardiff City Stadium on Friday when victory for either side would see them top the group as Wales face Denmark.
"You don't know how different players will react to it," Giggs said when asked how Schmeichel would cope with the events of the last few weeks.
"Some will, not forget about it, but just go through it and concentrate on the football. But it could affect others for a long time, that's just the different individuals involved. Everyone reacts in different ways."