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
Pope collects Dendoncker’s header from Semedo’s cross.
Chance for Charlie
Taylor cuts across the ball but the left back’s effort is wide of the far post.
Mee is booked for tripping Traore.
Which Maxwel Cornet finish gets your vote?
There are four goals to choose from.
Will history be repeated against Wolves?
“I think that one was a defining result, a huge result, and it was a good performance.”
Burnley equalled their biggest Premier League win on their last visit to Molineux.
Magic man Maxwel Cornet has the Midas touch
“He’s a very, very talented player. We see it every day in training, not just in matches, even in the small-sided games. There’s usually at least one bit of magic that he produces every day.”
Magic man Maxwel Cornet is constantly producing breath-taking moments of brilliance, says Burnley team-mate Charlie Taylor.
Who’s Paul Merson going for this week?
“We’re a third of the way into the Premier League season, and it’s not early doors anymore.”
Paul Merson has forecast a Burnley defeat against Wolves on Wednesday evening.
Burnley squad update ahead of the trip to Molineux
“They will miss the game on Wednesday, and they are very good players, they’ve showed over a long period with us that they are.”
Burnley will be without suspended pair James Tarkowski and Ashley Westwood at Wolves on Wednesday night.