Slade's two-year contract, which he signed on joining the Bluebirds in October 2014, expires at the end of the current season.
O'Keefe, 25, says the 55-year-old's time at Cardiff has been eventful including a a transfer embargo imposed in January.
"I think he has done an OK job here," O'Keefe said.
"He has had a lot of hard circumstances, and he has had a lot of players to get out and he has had the embargo to deal with," said O'Keefe.
"I think the club is starting to get back to how it should be really.
"I think performances and results have shown that level of late, so hopefully we can get behind him and see where we end up at the end of the season and go from there."
Slade said in January there had been no talks over extending his contract beyond the end of the season.
Cardiff are one point off the Championship play-offs but their hopes were dealt a blow on Tuesday when they lost 2-0 at home to Leeds United.
Slade's side are at home again on Saturday and face an Ipswich Town side one place below them in the table but on the same number of points.
"We will both be up for it and it will be a very good game, and hopefully we can get something and get back towards the play-offs where I think we should be," O'Keefe added.
"At this stage in the season points really do start to matter and you need to get as many points as possible, and it is really important."
O'Keefe said Cardiff could not "be upset and dwell" on the defeat to Leeds and have to return to winning ways to rekindle their play-off hopes.
"It was a game we looked at that we should be winning," the former Crystal Palace player said.
"We had a good performance but didn't get the result, but onwards and upwards now and looking forward to Saturday.
"We have got to dust ourselves down and get on with it. We can't be upset and dwell on it, and get back to winning ways."