Arsenal have the chance to gain revenge for their 2006 final defeat in Paris by Barca, a game which Wenger insisted was ruined by goalkeeper Jens Lehmann's red card after 18 minutes.
The draw also recalled memories of Manchester United's dramatic 1999 final win in the Nou Camp by pairing them again with Bayern Munich, although it is Arsenal against the tournament favourites which is the stand-out tie.
Blockbuster: Arsenal v Barcelona is the stand-out tie of the quarter finals
The encounter will see Wenger reunited with Thierry Henry and the return of Cesc Fabregas to his old club, but the Arsenal manager won't offer a red carpet welcome to his club's former idol.
'The main thing is the quality of the game you will see on the day, and will not see maybe for 10 years.
'For me, it's 50-50 and for most of the people it will be 70-30, or 60-40.'
Wenger may be looking forward to a festival of football but he will not be offering any hand of friendship to Henry despite his successful seven seasons at Arsenal.
Wenger said: 'He had a fantastic time at Arsenal and we are forever grateful. But do you really think we will be focused on how Thierry will feel on the day?
Heal the wounds: Thierry Henry has gone on to make up for the 2006 Final loss, ironically with Barcelona, and now Arsene Wenger would like to do the same
'We will be focused on our game. It's not a personal game, it's a team game.'
Fabregas has been heavily linked with a return to Barcelona this summer, and Wenger said: 'There will certainly be some emotion there but Fabregas is a winner.
'He wants first to qualify. Cesc goes into every game to win it.'
Arsenal are likely to be without William Gallas for at least the first leg at the Emirates on March 31 after Wenger said the defender had been sent to the clinic near Biarritz attended by Ashley Cole to continue his rehabilitation from a persistent calf injury.
The manager admitted that he rates Gallas's chances of being ready in time for the first leg as 20 per cent.
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