The 43-year-old star's children - Oliver, 13, Lily, 11, and August, six, whom he has with his wife Jennifer Lynn Stone - go to the same school as the musical couple's eldest daughter Blue Ivy, seven, and Fred has applauded the pair for being "active" parents, who take part in all the school events.
He said: "Beyoncé and Jay are great parents, they're active parents, they're at school. All the kids at the end of the year do this big Olympics thing, and [Beyoncé and Jay-Z] are out there having picnics, sitting on the field with a blanket. They're great parents."
Fred previously acted alongside the 'Spirit' singer, 37, in 'Austin Powers in Goldmember', but said that despite the connection, he was still nervous to approach the star on the school playground.
He added: "It took me a while to go up to her 'cause it's like ... 'What do I talk to Beyoncé about?' So it took me a minute, and at one point I was like, 'Hey, I'm Fred, we did this movie together.'
"And she goes, 'I know who you are. I saw you at the beginning of the year, I just didn't want to come up and say hi and bother you.' I'm like, 'Beyoncé, bother away!' I'm like, 'Well, let's clear the air. You can bother me whenever you want.' She's great."
And the actor also praised 49-year-old Jay-Z - who also has two-year-old twins Rumi and Sir with Beyoncé - for "playing peek-a-boo" with the children through the window of the kindergarten.
Speaking to PeopleTV's 'Couch Surfing' series, the 'Wonder Years' star said: "I remember walking by and seeing - in the kindergarten, there's like little windows in the door - and Jay was playing peek-a-boo in the window. It's amazing to see these titans of art and culture and business, these huge totemic figures just being mom and dad. It's awesome."
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