QPR, who face Wigan Athletic today, are currently eight points from safety with seven games left.
The 66-year-old admits that he would take it personally if they went down but will not let himself think about that.
"We all think we can perform miracles," said Redknapp. "I knew it was a hard position when I took over but I believed we could make it, and I still do.
"I take losing any game badly so if we went down I'd see it as a failure on my behalf and I'd beat myself up over it for a long time.
"I haven't discussed relegation with the players and I won't unless it becomes a fact. If I stop believing, then so will they. It would be fantastic if we stay up. I can't tell you how much it would mean to me."
QPR welcome Wigan to Loftus Road at 4.10pm this afternoon.