A combination of a two-match suspension and injury restricted the 29-year-old to only a few minutes of league action in Hibs' opening ten matches, during which former boss John Hughes parted company with the club.
But Murray's return has coincided with Hibs picking up seven points in their last four matches, including a stunning 3-0 win over champions Rangers at Ibrox.
Paterson, the ex-Hibs, Rangers, Motherwell and Kilmarnock defender who is now a football analyst with BBC, said: "I always like the look of HIbs when Murray is in the team.
"At this particular moment you need players to lead by example and that's what you get from Murray.
"Stick him in at centre-back, full-back or midfield and he simply rolls up the sleeves and gets on with the job. It's so important to have players like him on the park when things are not going so well.
"They can get extra out of others leading by example, winning their tackles or headers. Hopefully his return will, between now and the end of the season, be a big plus for Hibs, it will be important he steers clear of further injury and suspension."
Meanwhile, Calderwood has told midfielder Lee Currie he can leave, telling the 20-year-old he won't be offered a new deal when his current contract expires at the end of the month,
Currie was one of seven from Hibs' all-conquering Under-19 side to be promoted to the first team squad but will leave without having played a competitive match.