The Blades finished third with 90 points last season but lost in the playoff final to Huddersfield Town on penalties.
"I think there will be lower expectations this year. Maybe that's good that we're not the team finishing third," Morgan told BBC Radio Sheffield.
"I don't think many people would have us down as favourites. We've come into the playoffs on the back of two or three results where we've not been on top of our game, but everything changes now.
"It's a new team this year with a different way of looking at things. Nothing is ever the same and it's all down to how we approach these games."
The winners of the semi-final will face Swindon Town or Brentford at Wembley on May 19.