Kasprowicz snapped up career-best figures of five for 45 to bowl Sri Lanka out for 193, and helped Australia clinch an unassailable 3-1 lead in the five-match series.
"It's fantastic that he has got another chance to play for Australia and in the last couple of games he has bowled beautifully," said Ponting.
"He has been bowling well for a long time. You ask anyone in domestic cricket back home who the pick of the bowlers are and they will say him all the time.
"I think he is more consistent now and he knows that if he bowls how he wants to bowl he is giving himself the best chance to do well."
Ponting also hailed the spirit of his side, which pulled themselves back after Kumar Sangakkara had threatened to steal the game with a scintillating 101 before the home side lost their last eight wickets for just 50 runs.
"That was a fantastic win as we were behind the eight-ball in the field," said Ponting.
"I said to the guys when we went out there that the side that hangs in there the longest will probably win.
"When you are chasing a reasonable total, no matter how well you are going, it only takes one wicket to change things."
Kasprowicz, who was recalled to the one-day side last November after an almost five-year absence, said he was pleased to be back.
"I have bowled better in domestic cricket but certainly not for Australia in one day cricket," said Kasprowicz.
"It would be a lie to say it didn't cross my mind [not playing again for Australia], but you have just got to keep believing you are doing the right things.
"I think I have been improving, especially over the past couple of years, and that made me confident that I would get another crack if I stuck with it."
