Last Thursday, Lawrence, 25, received her fourth Academy Award nomination for playing the Miracle Mop inventor. She also won the Golden Globe for best actress in motion picture, musical or comedy.
"She so deserves it," Mangano, 59, told PEOPLE Tuesday at a party celebrating her 20th anniversary as a Good Housekeeping Seal holder and her appearance on the cover of the magazine's February issue. "I can say, knowing her and seeing her as the world has seen, you forget she's 25. I make this joke. I say, 'She's had to have lived other lives.' "
The HSN star commended The Hunger Games actress for being incredibly "passionate" about acting. "Some people are born to do what they do, and she does it in such a talented and graceful way," Mangano said.
Mangano also praised Joy director David O. Russell for how he handled her story. She says she wasn't worried when Russell decided to dramatize her life story, because "he's such an honorable and brilliant man who set out to really inspire not only women, but people."
Mangano attended the Good Housekeeping and HSNi-hosted party with her three children: Christie, now 33, Robert, 32, and Jackie, 30.
The celebration comes at a busy time for the multi-millionaire inventor.
With the movie, her Good Housekeeping cover and the recent release of a new version of the Miracle Mop, Mangano took a moment to reflect on how far she's come – and what others can learn from her journey.
"It's my time now from all my learning to hopefully help and define for as many people as I can an easier path than I had," she said.