The two teams have not faced each other at Wembley since the 1989 FA Cup final, which the Reds won 3-2.
Gerrard said that his teammates must not get ahead of themselves as victory over their Merseyside rivals will not mean they have won anything.
"It's a proud day for me to lead the lads out at Wembley again and it's a proud day for the city," the Liverpool captain told the club's official website. "It's a massive game and it's been a long time since Liverpool played Everton at Wembley so it's a fantastic occasion for the supporters.
"It's another important game for us players, we need to try and forget it's Everton and just focus on a really tough game on the day. We realise that it's important not to get ahead of ourselves. Although the game is at Wembley, it's still only a semi-final.
"There's still one massive hurdle to get over before we can get to the final. We still believe we can beat anyone, Everton included. What we have to do is make sure we're ready and focused and we concentrate on the game rather than the occasion."
Gerrard won his first FA Cup medal in 2001 and later lifted the trophy as captain in 2006.