The Toffees, who sit two places and a point behind the fourth-placed Reds in the Premier League, travel to Anfield tonight having not won on their rivals' turf since September 1999.
"If either of the sides were to win this game, it's a huge springboard for the rest of the season as far as confidence and belief is concerned, so I think it is that big a game," Gerrard told The Times.
"They're so big anyway. But when you're so close in the league they're even bigger. I think, because there's so much at stake and these points are so valuable, don't be surprised if it's a cagey, really close encounter."
The match gets underway at Anfield at 8pm tonight.