Speaking in an interview with the website of the Leader's Office, Velayati described the Saudi military invasion of Bahrain as a miscalculation.
He further urged Riyadh to ponder more about its "real interests".
Anti-government protesters have been holding peaceful demonstrations across Bahrain since mid-February, calling for an end to the Al Khalifa dynasty's over-40-year rule.
Violence against the defenseless people escalated after a Saudi-led conglomerate of police, security and military forces from the Persian Gulf Cooperation Council (PGCC) member states - Saudi Arabia, Kuwait, the United Arab Emirates, Oman and Qatar - were dispatched to the tiny Persian Gulf kingdom on March 13 to help Manama crack down on peaceful protestors.
So far, tens of people have been killed, hundreds have gone missing and about 1,000 others have been injured.
Yet, protests and rallies continued throughout the country in defiance of the martial law put in place by Manama since last month.
During the recent days, Bahrainis have repeatedly underlined that they will continue protests until the regime collapses and condemned Riyadh's involvement in the suppression of the revolution.
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