O'Connell's Munster topped the Magners League table for all but one week during the regular season but they aware that a defeat would see their effort count for nothing.
And they will come up against an Ospreys outfit determined to defend their Celtic Crown.
"We are both out of Europe so there is everything to play for," said O'Connell.
The two sides are more than familiar with each other, not only will Saturday's clash be the fifth occasion to two sides have met this season but combined they contributed 13 Lions to the 2009 tour.
"A lot of the players know each other from playing internationally and with the Lions," added O'Connell.
And there have been four games against each other this season, so we both know what to expect and know each other very well.
"We have had a few disappointing performances this side of Christmas and no more so than against Harlequins in Europe. This weekend is a big shot at redemption for us and our supporters and we know we need a big performance.
"It is important we put in a big performance for ourselves, the staff and management and the fans.
"We haven't been in the mode of chasing bonus points in recent weeks, we have just been out there winning games, and both teams will be looking to do whatever they can to win the game on Saturday."