The North London outfit will take on AC Milan on Thursday evening at the Emirates in the second leg of their last-16 tie.
Wenger's side have a decent advantage as they secured a 2-0 victory over the Italian giants at San Siro.
The second-tier European competition is often regarded as less important than the Champions League, but Wenger feels that the level of opposition this season makes it much more competitive.
"The Europa League, if you look at the teams that are in there this season, it is very strong," the Frenchman told reporters in his pre-match press conference.
"We play Milan for the chance to reach the quarter-final. You look who is in there - Milan, Dortmund, Atletico Madrid, Arsenal, all the French teams.
"You have many good teams in there and this competition is maybe this season at a higher level than ever before."