Touring India with the two-time Allan Border Medallist provides the 26-year-old Henriques with the chance to learn on the job.
Australia vice-captain Watson will play the four-Test series starting on Friday as a bowler only because of injury concerns.
This means the tourists need to find extra overs from an allrounder, likely to be Henriques or offspinner Glenn Maxwell, who are both uncapped.
Henriques has claimed 4-12 and 1-30 and scored 16 and 33 in the two tour games and has impressed selectors with his reverse-swing skills.
But it's his willingness to ask questions and soak up information that has earnt the admiration of Watson, who sees similarities in the pair's bowling strategies.
"I can certainly help him in a number of different ways," Watson said when questioned by AAP this week in Chennai.
"I can see an amazing amount of similarities between how Mo plays the game and how his career has evolved over the last six or seven years as well.
"The way he bowls is quite similar to the way I bowl.
"His length throughout the first two tour games was outstanding.
"He looked as good as any bowler we had, because he knew the length to bowl.
"If he does get an opportunity, he'll play a big part with the ball in the series.
"His batting has improved a massive amount and he's had quite a bit of success this summer.
"He certainly has the technique and game to have success over here.
"It's really exciting. It's great to see a younger guy coming through who has similar traits to how I play and I'm going to help out in any way I can.
"Moises is a very observant guy and he asks a lot of questions."
Watson says Henriques is playing nice and straight with bat and ball.
"I try to make my game as simple as I can as well," Watson says.
"Now the way his game is at, there's not too many things that can really go wrong."