The 2014 World Cup winner announced his retirement on Monday after Chicago Fire failed to reach the MLS playoffs.
Schweinsteiger was an influential part of Low's side that triumphed in Brazil five years ago, when Germany defeated Argentina 1-0 in the final at the Maracana.
DANKE BASTI 🖤❤️💛 pic.twitter.com/yX0Mp4l79W— Germany (@DFB_Team_EN) October 8, 2019
The former Bayern Munich and Manchester United midfielder accumulated 121 caps and captained the national team for two years after Philipp Lahm's retirement.
"Today we talked about Argentina, when Basti finished his career, a player with such a class," Low said when addressing the media prior to Schweinsteiger's announcement.
"He was certainly one of the greatest players Germany had. Each one of us must have a picture of him in our head and that's the game, the final in the Maracana, blood streaming, he keeps getting up.
"He fights until he falls down. His will to win could also be seen in every action. He was a great player and a great personality."
Low says Schweinsteiger, an eight-time Bundesliga and one-time Champions League winner with Bayern, will always have a place in Germany's set up.
"Every player who has once played with us, is of course always welcome. Just as Miroslav Klose thought of it," he added.
"I know him, always open, always honest, always emphatic towards the fans. The fans liked him. For Bastian, we always have a place with us."
The Time has now come: I would like to thank both, you and my teams @FCBayern, @ManUtd, @ChicagoFire and @DFB_Team and of course @AnaIvanovic and my family for their support!— Basti Schweinsteiger (@BSchweinsteiger) October 8, 2019
Thank you! pic.twitter.com/jNSrXGNpxF