The Wanderers captain is enjoying some of the best form of his career this season and was rewarded with a first England cap last month.
The 33-year-old, who scored twice in a stunning win over Tottenham last weekend, has long been viewed as a nuisance by opponents for his rugged approach but only now is he earning widespread plaudits.
Moyes, 47, has long been aware of Davies' attributes and can recall coming up against him during the latter stages of his own playing career in 1997. Moyes said: "Over the years we have known an awful lot about him.
"At the end of my career I think I played against him when he was at Chesterfield.
"So he's been around, he's seen a few clubs but I think he has been more appreciated over the last few years for what he can do as a team player.
"He is a big part of their game, they use him a lot. They get the ball up to him and gain free-kicks from him or flick-ons.
"They want to play as well but they have always got that get-out. He does it well for them.
"They are a high-energy team but a lot of their play is centred around Kevin Davies."
Moyes, however, does recognise how Bolton have improved since Owen Coyle took charge at the Reebok Stadium in January.
Coyle steered the Trotters clear of relegation from the Barclays Premier League last season and has overseen a fine start to the current campaign.
The Spurs victory left them sixth at the end of last weekend's action with 15 points from 11 games, one point more than Everton.
Moyes said: "I think there is an awful lot of similarity with Bolton as it has been nearly the same team over the last couple of years.
"The squad hasn't changed that much but I think there has been a development.
"Owen has done a great job. After rescuing Bolton a bit and making sure they stayed in the division, he has got them at the right end of the league."
Everton themselves have recovered after a poor start to the season which left them bottom after six games.
The Toffees are unbeaten in six games - a sequence which includes wins over Birmingham, Liverpool and Stoke - and are confident of improving upon last season's eighth place.
But Moyes still has concerns. He felt his side let an opportunity slip as they fell behind twice before claiming a 2-2 draw at Blackpool on Saturday and their inability to create and take goalscoring chances is a continuing problem.
He said: "We have got to try to get one or two added - we are desperately short of options up front.
"Maybe the final ball into the box hasn't been good enough to give those boys a chance as well.
"We have got to look at options to see if we can find ways of scoring more goals - that's what's missing.
"Overall our play has been good, our approach play has been good in nearly all the games but when we get 25 yards out we can just peter out a bit.
"Let's hope though we are just about to give someone a few goals' hiding."
Midfielder Marouane Fellaini could return having made a quicker than expected recovery from the hamstring injury suffered on international duty last month.
The Belgium international has missed the last four games.
"He is getting better and has got a chance," Moyes said. "He will be in the squad.
"He is back a week ahead of schedule, which is pleasing."