There are several synonyms for the phrase 'acknowledges with praise'. One of the most commonly used is 'commends', which means to express approval or admiration for someone or something. Another synonym is 'applauds', which implies clapping or cheering to show appreciation. 'Acclaims' is a synonym that means to praise enthusiastically. 'Hails' could be used to mean to greet or welcome someone with praise. 'Extols' is another synonym that means to praise highly or to exalt. Other similar phrases include 'recognizes with approbation', 'lauds', and 'celebrates'. Whatever word you choose, acknowledging praise is always a great way to show appreciation and gratitude.