Having won the cup in 2018, 2019 and 2020, the City boss says his players are focused on reaching Wembley again – though he accepts taking on United at their home is a difficult hurdle.
“The team has won it three times in a row and we are in the semi-final for the fourth time in a row, so it means a lot," said Pep.
“If it were not important then we would drop it before. It is the semi-final, we cannot expect a more difficult rival than we are going to face, but we have the desire to play well and get to another final."
City drew 0-0 at Old Trafford in last month's league encounter, but Guardiola says the threat from across the city has always been great since he has been at the Etihad.
“It is a rivalry in the city and for many decades United was above Manchester City. For us, we are incredibly proud and it is an honour for the last decade to be there with them and sometimes win, most of the times, and sometimes lose.
“They have always been contenders for the title. Every year, when we start the season, United is a contender. If it didn't happen in the last few seasons, it is a question for them.
“It is no different facing United or other contenders. We play finals against Arsenal, against Chelsea with Mauricio Sarri, who's an incredible manager, we face different opponents and last season it was Aston Villa.
“We know exactly what Aston Villa this season has done, so every year it has been against tough opponents. This season is the same. When you play the cup competitions at the end of these competitions you have to face tough, tough opponents."