Normally, this means that the person who received the compliment holds the opinion of the person who gave the compliment in high regard. This can be either due to respect for that person or an acknowledgement that the person giving the compliment is highly talented in the area they gave the compliment on. For instance, if the best dancer in the world complimented you on your dancing, that would be high praise coming from them since they are that good but also recognize your talent.