Buffon, 40, missed the chance to secure his first UEFA Champions League title in the 4-1 humbling at the hands of Zinedine Zidane's side last year - as they defended their European crown.
Now after being drawn with Los Blancos in the last-eight stage of the competition, Buffon weighed up their chances against the LaLiga giants.
"I was 39 then and now I'm 40 which is a major psychological difference (laughs)," he told reporters, as quoted by AS. "I'd say we went into the Cardiff game over-confident and that was mistake number one.
"At the same time on the night Madrid were the better side and I hope a better performance from Juve on this occasion. I'd say things are 50/50 going into the quarter-final and if we perform then we can overcome any side."