Zaha has only played five time this season due a knee injury but has single-handedly won all four of the points Palace have accumulated this season.
Such a contribution has seen Zaha linked with a £35m move to Arsenal, who are keen to improve their forward line ahead of Alexis Sanchez's inevitable departure, according to The Sun.
But Cabaye has reiterated Zaha's importance to the cause and believes he is a player with the capacity for the spectacular.
"Wilf is very important for us and for the club," Cabaye told Sky Sports. "He can do some things that only he knows how to do. It is important to have that kind of player in the squad.
"We missed him, and also Christian [Benteke], when he was injured and then since he's back he's showed everyone what he can do on the pitch," added the French international.
"Hopefully he will be in a good way after last week and the game for Ivory Coast and hopefully he will play well on Saturday [against Everton]."
Though Arsenal boss Arsene Wenger has scouted Porto's Yacine Brahimi, he feels Zaha's Premier League experience makes him a better candidate to replace Sanchez.
The Chile international is expected to leave north London either for a fee in the January transfer window, or for nothing come the end of the season with his contract due to run out. Premier League leaders Manchester City represent the likely destination.
Arsenal would be able to offer Zaha the launchpad his career badly needs and provide him regular exposure to European football, an experience he was expected to have when moving to Old Trafford in 2013.
But in just over a year at United he made just four appearances before returning to Selhurst Park to breathe new life into his career.