"If we want to make history at this club, we have to turn this tie around," Suarez said at a charity event in Barcelona on Friday.
"We are the best team in the world. If there is a team that can overturn this situation, it's Barcelona," added the Uruguayan.
No team has overcome a 4-0 first leg loss to progress to the next round in the knock-out stages of the Champions League.
Barca, who have won the competition five times, have reached the quarterfinals of the Champions League in the last nine years. That run looks likely to be broken when they host PSG in the second leg at the Camp Nou on March 8.
"To lose in the manner that we did in the last 16 is difficult and painful. It's going to be very difficult but it's a beautiful challenge," said Suarez.
Suarez made it clear that the players were fully behind coach Luis Enrique, under fire after the loss.
"We are all to blame," he said. "We didn't play well and that we all have to take responsibility for what happened."
Suarez was speaking ahead of Sunday's La Liga home game against struggling Leganes. Barca are second in La Liga one point adrift of Real Madrid, who have two games in hand.
(Reporting by Adriana Garcia; Editing by Keith Weir)
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