City stayed hard on Arsenal's heels, cutting their lead atop the table to two points with two games remaining, dominating Palace despite a lineup that featured six changes.
Foden made a rare appearance in the starting 11, and produced assists for the game's first two goals, from Antoine Semenyo and Omar Marmoush, setting up Semenyo with a crafty back-heel that had City fans roaring.
"You need the quality, the spark, the talent, the vision, something," Guardiola said of Foden. "It's not in the tactical boards, it's not in the meetings, it's not in the videos, it's not even the trainings.
"(Foden) receives the ball in small spaces and creates something. Like the good players, he can deliver and I'm really pleased for him, his performance as a whole."
Guardiola changed up his team with Saturday's FA Cup final against Chelsea in mind, and Foden - who will be a long shot to make Thomas Tuchel's England squad for the World Cup largely due to his lack of playing time - set the tempo.
Foden said the depth of Guardiola's squad was proving vital in the season run‑in.
"Massively important at this stage of the season to have fresh lads coming in," Foden said. "We were all excited to play and we were ready. It's a massive game, must-win, so we are really happy."
The 25‑year‑old, who has had to be patient at times this season, was delighted to make his mark.
"Buzzing to contribute to a goal and help the lads get three points, which is the most important," Foden said.
"I would say I had a good half season, the first half, and dropped off a bit, then struggled to find my place in the team. It happens when you have quality players around you. You have to wait, be patient, train as hard as you can, and when you get your moment you have to take it."
Guardiola knows that City do not control their fate.
If Arsenal beat Burnley on Monday, City must beat Europe-chasing Bournemouth, who are on a 16-game unbeaten run, the following day. They close the season against Aston Villa on May 24.
"I cannot ask for more. And now just incredible focus for the last two (league games)," Guardiola said. "But I would say, wow, the next contender is Bournemouth, look what they are doing this season, and after, Aston Villa - they are not easy ones, but just focusing and see what happens."