The Italian showman is unbeaten on the Phillip Island circuit since 2001 and has come back into contention for the title after winning last week's Malaysian Grand Prix.
The victory pushed the five time champion to within 26 points, or just over a podium win, of top spot on the championship ladder with four MotoGPs left in the season.
"I always look forward to this race a lot and especially now when my MI (bike) is working so well," the 27 year old Rossi said.
"Phillip Island is a magic track for me. I've won a lot of races there and some championships too."
Hayden, riding a Repsol Honda, took fourth place in Malaysia and will be looking for his third MotoGP win of the year to extend his lead.
"There are four races to go and some tracks I really like (are) coming up," the American said.
"We're still in it and we'll keep working hard."
The 17-round world championship heads to Motegi in Japan next week before returning to Europe for the Portugese race at Estoril on October 15 before ending in Valencia, Spain on October 29.