Although Vettel has won the last four straight F1 world championship titles, Ricciardo hopes to benefit from the reset effect of 2014's switch to turbocharged V6 engines and other related changes.
"He has been so dominant with the car over the last few years. If there were no changes, then he would probably continue to be dominant," Ricciardo told AUTOSPORT.
"At least with this change now it could make the playing field a bit more even.
"Hopefully he's not as dominant with this new package as he has been.
"It definitely brings some things more into my favour."
Ricciardo acknowledged that he would have to raise his game to match Vettel's level of technical understanding.
"On that front, I guess I have still got some things to catch up on but let's just hope I can do that quickly," said the Australian.
"Having the team around me will fast-track that as well given their level of experience.
"Hopefully they can bring me up quickly and then I will do everything I can to get up to his level in terms of the technical stuff.
"But naturally it will take a little bit of time."