While the Irish side will be figuring in a record fifth successive Heineken Cup semi-final, it will be the first time in sixth attempts for the English champions to reach the last four following their 34-3 demolition of Gloucester at the Causeway Stadium.
"Munster are an awesome side whose record in the Heineken Cup speaks for itself," said the London Wasps and England captain and No 8.
"This is their premier tournament and a competition their players are very used to playing in. I have been a fan of theirs and I've actually supported them in the past - I went by train to Lille to see them play Stade Francais in the 2001 semi-final.
"They enjoy huge support and they are a top team. It will be new territory for us - but it will be a great challenge and we really enjoy the atmosphere of playing against the odds."
Ireland beat the reigning world champions 19-13 at Twickenham last month and the Lansdowne Road Anglo-Irish semi-final will see a number of those Test players lining up against each other again.
Munster had five starters at Twickenham - half backs Ronan O'Gara and Peter Stringer, prop John Hayes, lock Paul O'Connell and No 8 Anthony Foley - while Wasps players Dallaglio, Josh Lewsey and Joe Worsley started for England.
"We are just taking each game as it comes," said O'Connell. "We came through against Stade Francais, who have a big, heavy pack and are one of the biggest sides in Europe, and we know the semi-final against Wasps is going to be extremely tough."
And Munster captain Jim Williams warned they would need to go up a gear against Dallaglio's team after seeing a 17-point lead after 30 minutes cut to just five at the finish of an eight-try Thomond Park thriller.
"I didn't think we were going to be caught," said Williams. "But what happened showed just how important it is to keep your discipline and playing for field position - we cannot afford to do the same in the semi-final against Wasps."
Meanwhile Dean Richards, who masterminded Leicester Tigers' back-to-back Heineken Cup final triumphs in 2001 and 2002 - when they beat Munster 15-9 in the final in Cardiff - believes "it may be Munster's year.
"Because, while they still have a long way to go, overcoming Stade Francais in the manner they did, showed they are truly worthy of a semi-final place."