Simeone wants his players to leave everything on the Monaco pitch.
"I believe, when there is a favourite, it is because one is better than the other," Simone said. "I'd prefer to be the favourite because you have some assets the other doesn't - that is clear. But the game is what counts.
"What counts is what is on the pitch on Friday - sweat, heart, tears - things which go beyond what is on paper."
Atletico secured just such a triumph when they beat then-European champions Inter Milan in the Super Cup two years ago.
Simeone, who led the Spaniards to their second Europa League title in three years after succeeding Gregorio Manzano midway though last season, added: "We won't lie to people - Chelsea are the favourites.
"They have an enormous budget and, in sporting terms, they won the Champions League.
"On paper, they have better opportunities than we do.
"We want to be competitive and we want to show when it comes to a one-off match, it comes down to who plays better."