Unlike last year, when much was made of the Lions coach saying his team were underdogs ahead of playing Collingwood, Fagan says Saturday's combatants cannot be split.
Brisbane have recovered from a poor start, and two comeback finals wins, to earn a second-straight grand-final berth after last year's agonising four-point loss to Collingwood.
The Swans, mauled by Geelong in the grand final two years ago, held top spot on the ladder from round nine.
"I think we're the equal-dogs ... we go into the game both with high hopes," Fagan said.
"Sydney have been the best team all year, I think you've been on top of the ladder all year, which is a great achievement.
"We've had a great three-and-half, four months, so there's two really in-form teams coming into the grand final.
"It's a real 50-50 battle, is how I see it."
Dane Rampe, who will captain Sydney after Callum Mills was ruled out on Wednesday with a hamstring injury, has played in three losing grand finals.
He is brutally practical about what lies ahead.
"I've experienced the worst to be honest, so there's a little bit of peace knowing I've experienced that and been able to work through that, and get back here," Rampe said.
"What I've learned over the losses I've had, is no-one cares about your story, really.
"It would be great for us to get back and win after '22. It would be great for Brisbane to get back and make amends for last year.
"But they don't care about our story and we don't care about theirs. That's the way it is - we have to go out there and make it happen ourselves, that's probably the main thing I've learned."
Rampe said he cried with Mills on Wednesday after the Swans skipper was ruled out, adding he is "shattered" for his good friend and it was "bittersweet" to be leading the team in the grand final.
Dane Rampe and head coach John Longmire at the press conference ahead of the AFL grand-final parade. (James Ross/AAP PHOTOS)
Swans coach John Longmire said Mills' reaction to the news was "as you'd imagine".
"Yeah, it was tough. It's one of those things, you make decisions, you sit down as a group (with) the medical and conditioning staff, and you go through everything.
"Then you have to deliver the message. Callum is a great person and a great leader of our footy club."
Lions co-captain Harris Andrews said going through last year's grand final and the week before was helping this time around.
"I was probably a little more anxious this year, not really knowing what we were walking into," he said.
"But this year, having been through those experiences and being able to reflect on what worked and didn't necessarily work, it's been important."
The teams had the grand-final parade on Friday morning ahead of captain's runs in the afternoon at the MCG.
No late changes are expected with Darcy Fort replacing injured Lions ruckman Oscar McInerney in the only change to either lineup.
Mills also missed the preliminary final because of his hamstring injury.
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