The Bavarians were beaten 5-1 on aggregate by the Blaugrana in the quarter-finals four years ago and the legendary striker is gunning for revenge
The Blaugrana cruised to a 5-1 aggregate win over the Germans when they met in the quarter-finals of the 2008-09 tournament.
Rummenigge has particularly painful memories of the first leg capitulation at Camp Nou, with Bayern going down 4-0 on the night, but he believes that there is now nothing to choose between the two clubs.
"I look forward to these games," the he told reporters after Friday's draw in Nyon.
"We meet the team who have been the most successful in recent years. It will be extremely tough and very tense.
"But Now our team have to show whether they can take on Barcelona. I do remember the last matches [in 2009]; we had our 'Waterloo' in Barcelona.
"Now is the chance to show, that Bayern have improved since 2009 and that we are level with the best team.
"It will also be an interesting comparison of the Bundesliga and the Primera Division. There is no real favourite in this tie."
Meanwhile, Bayern midfielder Bastian Schweinsteiger, who played a key role in the quarter-final success over Juventus, was philosophical about his side being drawn against a side bidding for their third European title in five seasons.
"This is the Champions League semi-finals," he wrote on his Facebook page. "There are no weak opponents. Both matches against Barca will be absolute highlights."
Bayern will host Barcelona in the first leg travelling to Camp Nou for the second leg a week later.