Bayern will take on Lippi's Guangzhou Evergrande in the FIFA Club World Cup semi-finals in Morocco on Tuesday.
Guardiola conceded he has not watched a lot of the Chinese Super League side but expects them to be well organised.
"In Germany we are not able to see the China league but they won the Champions League in Asia," the former Barcelona boss said.
"We saw, me and our staff, as many games as possible to know as best as possible our opponent.
"They have a very good organisation when they don't have the ball and they have three or four players of huge, huge quality.
"When we give time to (Dario) Conca to think, in that moment Muriqui, Gao Lin and Elkeson are able to run and get into space.
"I am very surprised about the quality of Conca, Gao Lin and Muriqui.
"They also have Zheng Zhi who is experienced player for Celtic in Glasgow and I think Crystal Palace in England.
"They won the Champions League in Asia so they are here because they are a good, good team."
On opposing legendary Italian manager Lippi, Guardiola had nothing but respect for the man 23 years his senior.
"Marcello Lippi, it is an honour for me to play against him, it is the first time I will be able to play against one of the most successful trainers in the world history," he said.
"He won the World Cup with his international team and he won everything with Juventus and has a lot of experience."
