The Premier League strugglers looked like being the victims of an upset when Mark Beevers and former Rams forward Marcus Tudgay gave the Owls a two-goal lead in the first game on January 6.
Pearson, whose goal at Wembley in the play-off final in May saw Derby promoted back to the top flight, said: "Coming from two behind showed the spirit we have in the squad.
"But it is a very difficult game as they are a good side, as they showed at Pride Park. Luckily we clawed them back and now we have another chance.
"Hopefully, we can put on a good performance for the travelling fans and get into the next round because it is big opportunity for us.
"It is a chance for us to progress and give everyone at the club something to look forward to. It is an opportunity for some excitement away for the league.
"Also, a win would lift us and put us in good spirits for the game (against Manchester City) next week."
Pearson has been sidelined since dislocating his shoulder during the 2-1 home defeat to Liverpool on Boxing Day.
But the Scotland international is back in the squad for the game at Hillsborough and hopes to be involved.
He added: "The shoulder is okay, although I have not trained as much as I would have liked. But I am in the squad and we will have to see what happens.
"I am probably a bit ahead of schedule in my recovery but it is up to the manager to judge whether I am fit enough to play. I can't wait to get back out there."