The prop missed last week's win over Los Pumas after welcoming the birth of his second child.
"It's great to have him back in the mix this week and that big number is looking pretty promising," said Schmidt to reporters.
"It's a tremendous achievement for James to equal the record of the most capped Wallaby.
"He's the ultimate team man and I know the whole group will do everything they can to make it a memorable milestone."
Slipper will move into sixth in the world for caps, having broken Gethin Jenkins's record for front-rowers earlier in the year against Wales.
Dry conditions are expected to welcome the Wallabies to Santa Fe, a welcome change after two rain-filled encounters.
Schmidt said he'd take any win he could get.
"It was eight degrees last Saturday so it's a 20 degree swing, and hopefully the result doesn't swing," Schmidt said.
"We'll just keep trying to stack good elements of performance together, and hopefully that's enough to get us the result.
"We'll take a result in the last minute by one point any time that's on offer.
"I'm not sure my heart will sustain those, but certainly it was a real fillip for us last week to get the result."
