The Melbourne triumph - the eighth of Djokovic's career - has moved him to 17 Slam titles, three less than Federer's 20 and two behind Rafael Nadal on 19.
Wilander believes the win will set Djokovic on the way to another successful season in 2020 in which he could win all four Grand Slams, a feat which has not been achieved in the men's game since Rod Laver did it in 1969.
“It is getting closer and closer and when Novak gets an Australian Open he usually has a good year," the Eurosport pundit said.
Mats Wilander - Novak Djokovic is too smart and too consistent
"So winning here, does that make him the favourite at Wimbledon where he is defending? Yes [and] that’s 18. [It] makes him the favourite at the US Open, that’s 19.
"At the end of the year, we could have two players on 20 or two on 19 or even more because Novak had can win all four.
"This is a huge win for him going forwards. A loss here would have been very difficult to get confidence and come back.
Djokovic targeting Federer's Grand Slam record
"But the door is open for him to start climbing through it and talk about being the greatest ever."
Djokovic will be looking to add a second French Open title to his CV in May.