LIVE: Wolves 0 Burnley 0
The Portuguese coach was Carlos Carvalhal's assistant at Sheffield Wednesday when the pair were first acquainted in 2015.
David Jones, who would go on to play for the Owls, scored the opener in a 3-1 win at Turf Moor in the Championship.
Matthew Taylor restored the home side's lead after Atdhe Nuhiu had equalised and Andre Gray netted late on.
“We’re going to play against an experienced coach," Lage said. "The first time I played against him was 2015 when I was assistant at Sheffield Wednesday, and after six or seven years, the manager is the same.
“Every time he’s doing well. He’s doing well in the Premier League, he did a fantastic season in the Championship in 2015.
“Also, I’ve worked with some player who’ve worked with him. I remember one, my player at Sheffield Wednesday, David Jones, so I know very well the way they play, the way they work, and it will be very hard.”
The former Benfica boss is also wary of the threat the Clarets pose having scored nine times in their last four Premier League games.
Ivory Coast international Maxwel Cornet has been responsible for four of those while striker Chris Wood has also added to his tally a couple of times.
Lage said: “They have their own style, but they have a lot of experience in English football, but also when you look at the squad, the quality they have, especially the strikers.
“You have Wood, Barnes, Vydra, Rodriguez and Cornet. Five strikers in the squad like this. Usually they play with two, but they have different kinds of players with different profiles. They have big solutions.
“When we play against Burnley, they are top players. That’s why every time we need to prepare ourselves in the best way because every time we are playing against top players and experienced coaches, like Burnley have.”
LIVE: Wolves 0 Burnley 0
FULL-TIME: Wolves 0 Burnley 0
Another point on the board for Sean Dyche’s side.
Over the bar
Brownhill lifts the ball over to Rodriguez but the striker fires over.
The ball sits up for Traore on the edge of the penalty area but the Wolves forward can’t hit the target.
Kilman booked for a foul on Rodriguez.
Hee-Chan is replaced by Trincao for Wolves while Lennon replaces Cornet for the Clarets.
Traore's daisy-cutter is heading towards the far corner but Pope produces a fine fingertip save.
Chance for Burnley
McNeil drives in to the box, gets a shot away and Sa turns the ball around the post.
Vydra replaces Gudmundsson for the Clarets.
Hee-Chan goes on the outside of Collins, his effort takes a nick off the defender and just evades the post.