Iwobi has scored twice in 21 appearances in all competitions and returned to action last weekend in Everton's 3-2 win over Watford.
Everton have been impressive under the Italian Ancelotti who was appointed as the Toffees boss in December to replace Marco Silva and that has paid dividends with the team now ninth in the table.
"They (Wenger and Ancelotti) are almost the same, thinking about it," Iwobi told the Liverpool Echo.
"They are both very patient, they are not men of many words but when they do say something there is a lot of wisdom. They are almost the same.
"They both like to play football, it is almost like I am working with the same man.
Iwobi joined the Liverpool based side from Arsenal on the last day of the summer's transfer window despite the loaning of Henrikh Mkhitaryan from Arsenal to AS Roma.
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