The Brackley-based team have dominated this year, with team-mates Nico Rosberg and Lewis Hamilton fighting in out for the drivers' title.
Mercedes have won all but two of the first 11 races this season and Lowe has taken great satisfaction with the impact he has made since assuming the technical reins from former team principal Brawn, who retired at the end of last year.
He told Autosport: "The team was on the ascendency over the last two to three years, and through last year was starting to win races and get pole positions more regularly.
"Credit to Ross, he had been part of that process. I think I've come in and taken that forward to the next level.
"It's not so much about changing where Ross had been leading, it's more augmenting.
"I see gaps that Ross hadn't covered and fill in those gaps.
"Rarely are there places where I'll go 'what was done before was wrong, and we're going to go 180 degrees'. It's more about adding to what existed before."
He added: "Ross has been out since December, and time passes,
"Formula One is a fast business; I can't even remember last December. So, no disrespect to Ross, but that's old history.
"For me, we're here doing what we do and looking forward to the next races.
"It's been a fantastic year. It's a year we realistically couldn't have dreamt of achieving.
"So far, we've produced historic results and we want to keep that up.
"We demand a lot of ourselves, and that's always how it works in Formula One."
Lowe also stressed the importance of Mercedes not resting on their laurels in the remainder of the season.
"Formula One is very unforgiving; you're only as good as your last race. So, we've just got to make sure we're not falling back." he said.