The west African country reached the quarter-finals stage of the global showpiece in 2002 before conceding a 1-0 defeat to Turkey.
However, as they prepare to make their second appearance in Russia next year, Diouf believes the present team led by Aliou Cisse can surpass the bar set in 2002.
"They put the bar so high, so it's a tough challenge but we have to believe in ourselves," Diouf told BBCSport.
"We are a young team. Everyone has ambitions to do something at the World Cup. We will go there and try to do our best to beat the challenge.
"It's a big challenge but we will try to make it happen."