Liverpool will face PSV in the Champions League quarter-finals.
The Reds have beaten the Dutch side in the group stages this season.
Benitez said: “PSV are a very good team. They have improved since we last met and showed their quality by beating Arsenal. There are no favourites.
“Sometimes knowing your opponents can be an advantage but sometimes it can be a disadvantage as they’ll know us too.
“We must be cautious. We don’t want to make the same mistake as last year.”