The Reds - managed by Roy Hodgson at the time - suffered a shock exit at the hands of lower-league opposition in the third round of the competition last season when Northampton triumphed in a penalty shoot-out at Anfield.
Dalglish has since taken over, and although he has confirmed he will make several changes for the tie following Saturday's 2-0 Premier League victory at Arsenal, the Scot is adamant his team must approach their task in the same way they did at the weekend.
"We had a bad result last year against Northampton at home, and we'll do our best to avoid another bad result," Dalglish told liverpoolfc.tv.
"We want to do the very best we can in this competition and although there will be some changes in the personnel we put out, the attitude should be exactly the same as it was on Saturday at the Emirates.
"We'll give people an opportunity to play. The training has been superb, as has their attitude and commitment, so they deserve a game.
"But it's not a game we just want to go through the motions for and fulfil our obligations in playing the fixture - we want to make sure we have a chance.
"We're not getting them (other players) involved because we're undermining the competition or we're undermining the football club at Exeter."
Dalglish succeeded Hodgson in January to begin his second spell in charge of Liverpool and the team's results have improved markedly.
The Reds are looking to reclaim a place in the top four this term, although Dalglish is keen to keep things in perspective after the Arsenal win.
"This time last year there was a lot of disappointment because the club hadn't started so well," Dalglish said.
"Fortunately we've changed a little bit - but let's not get carried away or be running before we can walk. Let's just take our time.
"The boys were brilliant at Arsenal on Saturday, but we're not going to get carried away with one result - and neither should anybody."
Dalglish has a full squad to choose from for the match, aside from injured duo Glen Johnson and Steven Gerrard.
Someone else who will not be involved is Sotirios Kyrgiakos following his move to Hamburg, a transfer Dalglish feels is good for the 32-year-old Greek defender.
"It's fantastic for Soto - it prolongs his career in football," Dalglish said.
"He was good to have in and around the club and he served us well.
"We wish him luck and hope he comes back to pick up his boots or something and just to say 'cheerio'.
"He was a popular guy here and I wish him all the best at Wolfsburg."