Ollie Pope will again lead England after deputising successfully in the recent 2-1 series win over Sri Lanka as Stokes, 33, was ruled out as he recovers from a hamstring injury.
"We all know the quality of Ben Stokes," said Masood on Sunday ahead of the start of the three-Test series. "He is one of the top all-rounders of the world."
"England's strength will not lessen with one individual (missing)," he warned. "They are still very competitive.
"If you look at their playing eleven then it's very balanced with all-rounders, and they have two spinners and three fast bowlers with deep batting, so their loss is that of an individual."
Stokes led England to an emphatic 3-0 Test series victory on England's last tour in 2022, the first time Pakistan had been swept at home.
England return with Pakistan on a painful losing streak -- winless in their last 10 home Tests and suffering a humiliating 2-0 home defeat to Bangladesh last month.
"They've obviously not had their strongest run recently, but we still see them as a highly skilled side," said Pope. "They are a team we don't take lightly."
Pakistan named their team with a bowling attack of two fast bowlers in Shaheen Shah Afridi and Naseem Shah, medium-pacer Aamer Jamal and frontline spinner Abrar Ahmed.
An impressive Jamal took 18 wickets against Australia in three Tests in his debut series earlier this year, but missed the Bangladesh series with a back problem. He also contributed 143 runs.
"With Jamal we get an edge in the seam department," said Masood.
With James Anderson and Stuart Broad retired, Mark Wood injured and Ollie Robinson not selected, none of England's pace bowlers from the 2022 series remain.
But Masood cited Gus Atkinson and Brydon Carse as threats.
"You cannot under-estimate anyone and need to be more cautious against any unknown player," said Masood.
The second match is also in Multan, from October 15, with the final Test in Rawalpindi beginning October 24.
Pakistan: Shan Masood (captain), Saud Shakeel, Saim Ayub, Abdullah Shafique, Babar Azam, Mohammad Rizwan, Salman Ali Agha, Aamir Jamal, Shaheen Afridi, Naseem Shah, Abrar Ahmad
England: Ollie Pope (captain), Gus Atkinson, Shoaib Bashir, Harry Brook, Brydon Carse, Zak Crawley, Ben Duckett, Jack Leach, Joe Root, Jamie Smith, Chris Woakes
