The Pacers were beaten in the Eastern Conference finals by the Miami Heat last season but Rose believes that the Bulls should not see the team as a direct threat to their hopes this campaign.
"People say that it's a rivalry, but I don't really see it," Rose told ESPN. "I say the team that is more like a rivalry is when Darren Collison was on the team.
"That one was more like a rivalry, but this team is a great team. They've already proven themselves last year by making it to the Eastern Conference finals.
"Then they end up going different ways, picking up different guys, and I think this team, I think in the next year or two, if both teams have the same teams, then that's when it would become a rivalry."
Rose recently returned to the court following a lengthy absence due to a knee injury.