The 62-year-old is on course to win his third major international title with la Roja but believes his side are underdogs ahead of Sunday
La Roja booked their place in Sunday's showpiece following a tense penalty shootout against Italy on Thursday, from which the Spaniards emerged 7-6 winners after Jesus Navas capitalised on Leonardo Bonucci's miss during sudden death.
However, Del Bosque's men have played an extra 30 minutes compared to the Selecao and will have one day less recovery time before the final, making the Spain boss believe his side are underdogs.
He told a press conference: "Brazil are the favourites. They have five World Cups, three Confederations Cups, we're going to be facing them at the Maracana and we're excited to do so.
"We want to recover and get there in the best condition possible. In the next three days, we'll try to do so.
"Spain played 120 minutes tonight and they are players who usually play two matches a week, so we believe that we will be able to give it our all on Sunday.
"We don't know who will dominate, who will have more possession. We'll try to. Tonight, Italy were very strong and they held control of the match."
The former Real Madrid coach went on to identify where Luiz Felipe Scolari's men will pose most threat to his team and concluded it would be a mistake to focus on one individual while ignoring the collective force of their opponents.
He stated: "[Dani] Alves and Marcelo are great. They're able to influence a game.
"Neymar is fantastic and their middle of the pitch is also absolutely fantastic, but we can't talk about just one Brazilian player who we'll guard against."