The Blues fell behind in the first half after Chelsea midfielder John Obi Mikel deflected Zlatan Ibrahimovic’s free-kick past Thibaut Courtois.
However, the 28-year-old Nigeria international made amends with an equaliser before half-time following a Chelsea set-piece at Parc des Princes.
But Guus Hiddink’s side couldn’t hold on for a 1-1 draw after PSG substitute Edinson Cavani scored with 12 minutes remaining to secure a 2-1 first-leg win for the hosts.
The Premier League champions host PSG in the return leg at Stamford Bridge on 9 March.
And former Marseille midfielder Waddle believes Chelsea can progress if Hiddink’s side score first in west London.
Hoddle told BBC Sport: “There is not a lot between these two team. PSG edged it in the second-half, they upped the tempo and Chelsea struggled with it.
“Chelsea go back to Stamford Bridge 2-1 down knowing if they get the first goal they are in the driving seat. They will believe they can get a goal against PSG.”
Chelsea drew 2-2 after extra-time with the French side in the last-16 at Stamford Bridge last season.
However, the west Londoners were 2-1 winners against PSG in the Champions League quarter-finals in 2014.
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