Paul Tisdale's side will look to cause an upset in front of an Anfield crowd in Wednesday night's replay, but the pressure is on Jurgen Klopp as his team try to keep themselves in the hunt for silverware.
Liverpool's main objective this season is to return to the top four and grab a spot in the Champions League, but that mission was dealt a blow when they lost 1-0 to arch rivals Manchester United at the weekend.
The Merseyside outfit are now eight points adrift of fourth, so winning a trophy has arguably climbed up the list of priorities as Klopp hopes to end his first season at Anfield on a high.
It is easier said than done, though, as Liverpool struggled to get past Exeter, who reside three divisions below them, but in fairness to the Reds, Klopp did send out a largely inexperienced side.
The only first-team player in the starting lineup in the first meeting on January 8 was Christian Benteke, who was joined by youngsters including goalscorers Jerome Sinclair and Brad Smith, as well as Joao Teixeira and Ryan Kent.
The early rounds of the FA Cup give Premier League teams the opportunity to play some of the young guns hoping to force their way through, but it did not quite go to plan for Liverpool in Devon.
They went behind twice, but managed to fight back and earn a replay at Anfield, which could witness the return of some regular first-team members as they try to secure their spot in the next phase of the competition.
Liverpool have not picked up a win since their meeting with Exeter - they drew 3-3 with Arsenal and suffered defeat at the hands of United, and in both of those matches, the defence was called into question.
Goalkeeper Simon Mignolet took some flack for conceding three goals against the Gunners in what was an end-to-end tie, and against United Klopp's team dominated but their finishing was missing and they were undone by Wayne Rooney's goal - the Red Devils' only shot on target.
Recent form: D
Recent form (all competitions): WLWDDL
The League Two side more than held their own against the Merseyside opposition and at times controlled the game against an inexperienced side.
Tisdale and his men will be determined to put on a similar display on Wednesday night, but not only will they have to try to quiet an Anfield crowd, they may also have to go up against a few of Liverpool's first-team players who were rested for the initial tie.
Unlike Liverpool, Exeter head into the replay on the back of a victory as they overcame Leyton Orient 3-1 on away turf, so there will be no lack of motivation.
They also arrive on Merseyside with the knowledge that League Two outfit Carlisle United forced extra time and penalties at Anfield when they went head to head in the early stages of the Capital One Cup.
Along with the win over Orient, Exeter managed to avoid defeat by coming from a goal down against Morecambe to seal a 1-1 draw, meaning that they are unbeaten since their first clash against Liverpool.
The Grecians have extra motivation as they have the chance of facing another Premier League side should they boot out Liverpool - the winner of this tie will meet West Ham United in the fourth round.
Recent form: WWD
Recent form (all competitions): LLLDDW
Jon Flanagan could make his long-awaited return to the Liverpool first team following over a year out of action with a knee injury.
Klopp has confirmed that the full-back is in contention for a spot on the bench, but one player who has been completely ruled out is Daniel Sturridge.
It has been revealed by Klopp that the England international has not trained with the team since December 6 and there is still no indication as to when he will return to action.
The Liverpool boss has said that his lineup against Exeter on Wednesday will be "similar" to the team that bore 11 changes in Devon almost two weeks ago.
Liverpool possible starting lineup:
Ward; Smith, Toure, Enrique, Randall; Brannagan, Allen; Teixeira, Lallana, Ibe; Sinclair
Exeter possible starting lineup:
Olejnik; McAllister, Brown, Moore-Taylor, Ribeiro; Tillson, Nicholls, Holmes, Noble; Nichols, Reid
Head To Head
These two sides have faced one another six times in their history, but as expected, Liverpool have the better record having won five of their meetings.
Prior to this season, the last time that these two sides went head to head was in the League Cup in August 2011, when Liverpool sealed a 3-1 away triumph.
Before that, the two clubs were drawn three times in the League Cup and once in the FA Cup from the 1950s to the early '80s.
We say: Liverpool 2-0 Exeter City
Exeter made life very difficult for Liverpool when they welcomed the Reds to St James Park earlier this month, and they were worthy of a 2-2 draw. However, the Premier League club are back on their home turf and while Klopp has confirmed that he will play some youngsters, the German is likely to throw in a handful of experienced players to help get the desired result. It could be an edgy affair, but Liverpool are likely to book their place in the next round.