The opening day of the 2016-17 campaign saw Jürgen Klopp's side produce a counter-attacking masterclass to earn a 4-3 win over the Gunners in the capital.
Mignolet believes the Reds can utilise their blistering pace on the break to claim three points again when they return to London this weekend.
However, he also wants the visitors to do more to stifle an attack that almost completed a remarkable comeback to earn a point last time out at the Emirates.
The Belgian told Liverpoolfc.com: "It’s always an exciting fixture. Last year was a crazy game. I think it’s two sides who like to play football and like to attack, so it will be a nice challenge for us.
"[We want] to create chances like we always do but at the same time make sure that with the guys they have in their squad and the quality they’ve got [that we can] stop them. That will be the biggest challenge.
"We can definitely use [last year's win]. Not only [do our forwards have] individual quality but also they are so quick in the counter-attack.
"When we win the ball back, if we can feed them very early, then they can run at the defence.
"I think that’s always difficult to defend when you have to run back toward your own goal. With the speed they’ve got, it’s never easy."
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Unusually for this time of year, Liverpool will have enjoyed a five-day rest between victory over Bournemouth in their last outing and Friday's meeting with Arsene Wenger's men.
But Mignolet insists he and his teammates are happy to be playing regularly during a run of good form which he believes has been aided by Klopp's rotation of his squad.
"After the game against Arsenal it won’t happen very soon [again] - that’s the way we live and we like it that way. The more games the better," he added.
"When you’ve got momentum you want them to come thick and fast and the main thing is to try and recover between games and not pick any injuries up.
"So far, so good, I think we’ve been pretty good injury-wise. We try to look after our bodies the best we can to be prepared and be ready for the next game.
"I think the squad is always ready. Every individual wants to play the game and then it’s up to the manager to make the decision who he’s going to play in that particular game.
"Everybody’s training hard to make sure they know their job and what is demanded when they have to step on the pitch. I think everybody’s focused on that."