good word vs praise

good word and praise both are nouns.

Word	Noun	Adjective	Verb	Adverb
good word	Yes	No	No	No
praise	Yes	No	Yes	No

As nouns, praise is a hypernym of good word; that is, praise is a word with a broader meaning than good word:

good word: something that recommends (or expresses commendation of) a person or thing as worthy or desirable
praise: an expression of approval and commendation

Other hypernyms of good word include congratulations, extolment, kudos.

good word (noun)	praise (noun)
good news	an expression of approval and commendation
something that recommends (or expresses commendation of) a person or thing as worthy or desirable	offering words of homage as an act of worship

good word (verb)	praise (verb)
	express approval of