Rooney moved within two of Charlton's 49-goal record after opening the scoring as England routed Lithuania 4-0 in Friday's Euro 2016 Group E qualifier at Wembley.
However, Hodgson believes there is more for Rooney to do if he is to become an England great like Charlton, who won the 1966 World Cup.
Rooney, who has only scored one goal at three previous World Cup finals, has never progressed beyond the quarter-finals of a major tournament in five attempts.
"To do it, a player would have to be very successful at a European Championship or World Cup as Bobby Charlton was," Hodgson said.
"People would argue Bobby was England's best ever player - there wouldn't be many of my age who would have him outside the top three.
"If Wayne can break into that in the future when he stops playing, then that is fantastic for him.
"Bobby Charlton, for me, is up there on a pedestal and it will take time for any of the modern-day players to get up to that level."
Hodgson added: "He will be remembered. We don't have that many players who have played 100 games for England or captained England.
"Don't worry about Wayne Rooney not being remembered - he will be."
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