Torres joined the Blues in a £50 million deal on transfer deadline day, while Kenny Dalglish moved to bring in Suarez from Ajax and Carroll from Newcastle for a British record fee of £35 million.
Torres has yet to score for Chelsea since his big money move, while Suarez and Carroll have made promising starts to life at Anfield, with the former turning in an outstanding performance in the 3-1 win over Manchester United.
"Suarez has only played a few games but we know he will be a top player," Gerrard told Sky Sports 1. "Training and playing with him in his first few games he has been strong and technically good, but Fernando in his first year with us was frightening as well.
"But I think Liverpool are in a better position having two top forwards instead of one. I enjoyed playing behind Fernando but if you said I could have Fernando on form or Andy Carroll and Luis Suarez on form, I would take the two over one."
Gerrard revealed the Liverpool players had felt disappointed by Torres' decision to leave.
"We felt slightly let down," he said. "Like the supporters we wanted him to stay as he is a top player, but he made his decision and we have to respect that.
The Reds skipper also feels the club had little option but to part company with Roy Hodgson following a difficult start to the former Fulham boss' tenure at Anfield.
"When the Liverpool fans turn against you, you have to listen," Gerrard said. "They are Liverpool Football Club."