It is also essential to transcribe lines and whole solos from your favorite players. Make it part of your daily practice routine. Analyse the player's note choices and rhythmic idiosyncrasies and find out exactly what makes them sound the way they do. By doing this, you will be able to see understand what it is you like about them and then incorporate those techniques or qualities into your own playing. When you have memorized a new melody or solo, try playing rt with a play-along recording of the song it came from or one with a similar progression (e.g. a Blues, or Rhythm Changes). Once you can play the solo perfectly, use it as a basis for improvising and then use the ideas you come up with next time you play with other musicians.
It is important to transcribe a variety of players from different eras rather than just imitating one favorite (who wants to be a clone?). You will learn something different from each player and will also open yourself up to new ideas and new sounds.
All great Jazz players have done a great deal of transcribing. Make a habit of this and your playing will never stop developing.