The Colombia international joined Atletico in a €40 million switch after enjoying a dream season at Porto, where he netted 39 goals in all competitions.
Falcao was brought in as a replacement for Sergio Aguero, who left for Manchester City after five years at the Vicente Calderon.
And while Simeone, who coached Falcao in 2008 at River Plate, is positive the 25-year-old will be a big hit at Atletico, he stressed that the Colombian is different from Aguero.
"Atletico fans will fall in love with him because of his capabilities," Simeone told Marca. "Kun is a much more static and explosive player, whereas Falcao is much more generous.
"He will be very well accepted in Madrid, I have no doubt about that."
Simeone noted that in order to make the most of Falcao, Atletico will need to use a 4-3-3 formation, saying: "He is a player who needs service to fully reach his potential, since he moves really well in open spaces.
"If Atletico play with their full-backs joining the attack and the attackers playing out wide, I believe Falcao will score many goals."
With Atletico having an important game at Valencia on Saturday, Simeone, who played at the club for five years across two different spells, has warned the fans that the team may not be fully ready by the time the match starts.
"As in every new team, the new players will take time," he noted. "The players who left had some time to demonstrate the stability they were carrying.
"You have to give time for the players to take in what [coach] Gregorio Manzano wants.''
