Liverpool earned a 0-0 draw at the Stadio Delle Alpi on Wednesday with an outstanding defensive display to go through 2-1 on aggregate and guarantee an English side will reach the final, in Istanbul, for the first time since 1999.
Six years ago Manchester United won the cup after a superb 3-2 win at Juventus in the semi-final, and Benitez says his side believe they can become the first Liverpool side to reach the final since the ill-fated 1985 game at the Heysel stadium.
"We are getting a lot of confidence from these Champions League games," Benitez said.
"It will be difficult and for me Chelsea will be favourites. They are top of the table in the Premiership and we have nothing to lose."
The two legs of the semi-final take place on April 27 and May 3.
Chelsea, who beat Bayern Munich in the quarter-finals on Tuesday, have defeated Liverpool three times this season, twice in the Premier League and in the League Cup final when the London side came from behind to win 3-2 in extra time.
"Maybe it's our turn to win now," said Benitez.
The Spaniard won the tactical battle on Wednesday despite missing his captain and midfield engine Steven Gerrard. The home side's attack was left to chase lost causes and Czech playmaker Pavel Nedved rarely featured for Juventus, whose best chance came when Fabio Cannavaro hit the post in the 78th minute.
SEASON PEAKING
"We changed our tactics because they were strong down the middle and I think we nullified them well," said defender Jamie Carragher.
"A lot of the credit for this result has to go to the manager because he chose the formation, he chose the tactics and it all worked really well."
While Chelsea are a step above any other side in the Premier League, Liverpool's season appears to be peaking at the right time. Midfielder Xabi Alonso returned in style against Juventus after breaking his ankle - against Chelsea - on January 1.
Djibril Cisse also came on for his first appearance up front since braking his leg in October. With Gerrard back, Liverpool have a range of attacking options which could worry Chelsea.
"All three games against Chelsea have been very tight," said Carragher. "They deserved to win at Stamford Bridge but the other two could have gone either way.
"There's a place in the European Cup final at stake and we will work as hard as we can to get there."
