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
Semedo over the top for Wolves.
Rodriguez booked for a late lunge on Kilman.
Wood will make way for Rodriguez for Burnley.
HALF-TIME: Wolves 0 Burnley 0
It’s goalless at the break at Molineux.
A shot from Saiss sails well over the bar.
Superb challenge on Jimenez from Taylor as Wolves threatened again.
A very lucky escape for the Clarets. The visitors over-commit from a corner, Lowton’s attempt ricochets to Traore, who leads a two-on-one with Taylor as the last defender. He has the option to play in Jimenez, but chooses to go alone, and thumps an effort against the crossbar.
Attempt on target
Hee-Chan, on his left foot, forces the save from Pope.
Lowton is booked for catching Hwang Hee-Chan, who somehow escapes punishment when reacting.
Wood flicks Taylor’s cross wide, but the flag is raised.