"Virat Kohli is a talented player and a potential captain for sure. He is very exciting and has got passion for sure, which is good, but he sometimes needs to pull that enthusiasm inside a bit. He will make a good leader one day," Waugh said on Friday.
Recently, miffed at being given out to a controversial catch during the second ODI against Zimbabwe, Kohli, who is captaining the side in African nation tour, ended up arguing aggressively with on-field officials even after the third umpire ruled the decision against him.
Waugh also praised India's regular skipper Mahendra Singh Dhoni, saying he has achieved everything as a captain.
"Dhoni has won every trophy you can possibly win. That is what he can do as a captain. He has done a brilliant job. Very aggressive, very positive and he has been a fine captain for India," he told reporters on the sidelines of an event.
On senior India cricketer Sachin Tendulkar, who will be playing his 200th Test match later this year, Waugh said the champion batsman will achieve something that nobody could have ever thought of.
"It's a great achievement. To play 198 Tests it is amazing. He has broken every record. He will probably hold every record besides the highest average which Don Bradman has. An amazing player and 200 Test matches that is like the holy grail. I don't think anyone thought they would get to 200," he said about Tendulkar.
With the Indian Cricket Board finding itself in a soup in the recent time, Waugh on Friday asked the BCCI to look at the larger interest of the game.
"They (BCCI) are obviously a very powerful group. They have a big influence on world cricket. They have got to take on board the best interests of the game, obviously Indian cricket is in a good state, the side is going on well, the cricket board makes a lot of money.
"But at the end of the day, for the good of the sport, the longevity of the sport, the BCCI have got to see the bigger picture," he said.
Australia have found themselves on the wrong side with the use of DRS in the ongoing Ashes Test series but Waugh supported the use of technology in the sport, however, he felt it needed to be complemented by good umpiring.
"I think DRS is pretty good for the game. DRS is good system in conjecture with good umpiring. If the umpire is not of top quality standards then it is going to put more pressure on DRS. And we have seen that in the three Tests so far, which has been the real issue.
"With DRS we have more decisions right than wrong. They have go to definitely improve the technology. It is not a perfect system. But we are getting more right than wrong. Maybe they need to fine tune it," the former Australian great said.
Waugh praised the Australian team for showing some resilience in the ongoing third Test match but said a comeback from 0-2 down looks unlikely.
"I think they are doing okay. We are fighting back in this Test match. Obviously we lost the first two but that is sport. England is playing well, they are a very good team. We are a developing side. The odds are unlikely that we are going to win the series but I am glad we are fighting back at Old Trafford. It's a good sign," he said.
He also felt that it would take at least a year for this Australian side to make it top again.
"England are enjoying the fact that they are beating Australia. I know we beat them in eight Ashes series in a row. They have turned it around now, so good luck to them. It doesn't embarrass me that we have lost six tests in a row. It happens in sports. You go through different cycles. We have got enough talent. I am confident that Australia will get towards the top, over the next 12 to 18 months," he added.