The 76-year-old Hollywood legend played Ally, the same part as Gaga in the 1976 version of the film, and though she hasn't watched the remake all the way through, what she has seen she likes very much.
Praising both Gaga, 32, and the late Judy Garland's turn in the 1954 movie, Streisand told Billboard: "I haven't seen the full cut, but it's very good. Every time that film is made it's a success. I loved Judy Garland's version, I like this one a lot, and I liked mine."
The ' Meet the Fockers' star's heaped praise will no doubt be music to Gaga and her co-star Bradley Cooper's ears, as the pair recently admitted they were putting their careers at risk by starring in the remake of the classic romantic drama.
As well as starring, Cooper has moved behind the camera to direct the musical movie, while the 'Poker Face' hitmaker is making her big screen debut, and though the film has received rave reviews so far, both stars were aware it could have been their downfall.
Cooper said: "There are certain projects where you can go, 'It didn't work out, but it's OK.' And there are others where it's like, 'Actually, that wasn't OK, and I took about five steps back.' This was one of those. If it didn't work, we both knew it was going to affect our careers."
Gaga agreed: "Things could have turned a bad corner."
Cooper, 43, realised the movie was the ideal project for his directional debut when he was initially preparing to star in the movie, which initially had Clint Eastwood at the helm.
He said: "[I remember] suddenly having this specific point of view deep inside me about what this love story was. And I know it sounds sophomoric, but I would only know how to tell a story if I had a point of view. Some people said maybe I should direct a commercial, or a pilot for a TV show, but that would have scared the daylights out of me."