The Toffees go into the 240th Merseyside derby one point and one place above the final relegation spot.
Liverpool will be hoping to close the gap between themselves and leaders Manchester City to one point with a win of their own.
The Reds have won eleven of their last twelve Premier League games.
Everton have not won away from home in the league since August.
When asked if he'd take a point before kick-off, the Toffees boss replied: "What do you think? Of course."
"It is a team that has just put four past Manchester United. You have to respect them as a team, it is an incredible team," added Lampard.
"I have played Liverpool, managed against Liverpool a few times, and it is always daunting in terms of you respect the level of player and manager they have."
Lampard will be coming face-to-face with Jurgen Klopp for the first time since being appointed Everton manager.
As Chelsea manager, Lampard had a memorable touchline row with Klopp in July 2020 but the former England midfielder has played down any animosity between the pair.
"I have seen Jurgen since then when I was managing Chelsea and everything is fine," Lampard added.
"We understand the passionate nature of the game and that's what I like - we can maybe get things wrong but we all move on because we understand what this game can do at times."
