Root has been in charge of England's Test team for a year, since the 2017 series against South Africa, but the white-ball sides are captained by Morgan.
Morgan has led the limited-overs team since 2015 and recently took them to a 5-0 one-day international series whitewash over Australia.
And Farbrace, who was in charge of England during the T20 series against India which ended on Sunday when Root was left out of the team, says the Yorkshireman's five-day leadership would have been enhanced by Morgan.
"Any experience he has had over the last few days will definitely help him," Farbrace said in Bristol after the deciding-match loss to India.
"I am sure he will be watching the way Eoin talks to the team, the way he goes about things and the decisions that he makes.
"I am sure those two will have lots of conversations about the role of being England cricket captain whether it is a red or a white ball.
"Towards the end of the New Zealand series this year we started to see Joe really getting to grips with the Test match team as a captain."
England lost the T20 series 2-1 to India after going down by seven wickets at the County Ground on Sunday.
Root was dropped from the decider, played on a ground with small boundaries which favoured big hitters, as Ben Stokes returned from the side, and watched from the sidelines as India chased down England's 198-9.
But Farbrace insists the 27-year-old still has a future in the shortest format of the game and will have a point to prove when the three-match 50-over series against India starts on Thursday in Nottingham.
He added: "He is our best player. He is a fantastic player in all forms of the game. In T20 you need players who can manipulate the strike and can keep you in the entire game and that is a skill that Joe has.
"He has the ability to hit boundaries. He might not have the power of a Ben Stokes or a Jonny Bairstow but strong cricket shots in T20 cricket will get you where you want.
"I am sure he was bitterly disappointed to be left out because he wants to show he is a quality player in all forms of the game. He will be spurred on by that and he will do everything he can to make sure he is ready for Thursday's game at Trent Bridge."
England play India in ODIs at Nottingham, Lord's and Leeds before Root takes over the captaincy for the five-Test series starting at Edgbaston in Birmingham on August 1.
First Published: July 10, 2018, 8:32 AM IST