The sides have experienced contrasting fortunes this season with Everton travelling to the Stadium of Light pushing for a Champions League spot while Sunderland are in a relegation fight.
But while the Merseysiders have been in contention for a top-four place for most of the season, there remains uncertainty over the future of their manager David Moyes, who is out of contract this summer.
Meanwhile the mood on Wearside has been transformed with the recent arrival of Paolo Di Canio as manager and last week's stunning derby defeat of Newcastle.
Reid, who won two league titles as a player with Everton and later managed Sunderland, said: "There will be a full house.
"When the Stadium of Light is rocking it is a very difficult place to go.
"But Everton are a team that can go and ruin parties.
"I am not sitting on the fence, but I think it has got draw written all over it."
Reid's ideal scenario would be for Everton to go on to qualify for the Champions League and see Sunderland avoid the drop, but he is not sure he will see both achieved.
The 56-year-old, speaking at a Football Pools event this week, said: "I would agree with that but while I think Sunderland will stay up, I think fourth place might just be a bit too much for Everton."
But if the Champions League does prove beyond Moyes' men, Reid would like to see them make an impact in the Europa League.
Reid, a mainstay of the Goodison Park midfield for most of the 1980s, said: "I have got to say the Europa League this year has been really exciting, for the second-tier competition it has been great.
"I would love Everton to finish fifth and get in there. I am sure they would improve the squad."
Reid also hopes that would be enough to keep Moyes, who wants to assess his option at the end of the season, at the club.
He said: "The performances in general have been terrific.
"With the uncertainty you'd think there would be an excuse but they have kept going.
"Hopefully (chairman) Bill Kenwright and he can get together and sort it out."
Sunderland's appointment of Di Canio as successor to Martin O'Neill proved controversial for political reasons but he has made a fine start on the field by beating Newcastle.
The 3-0 win at St James' Park was potentially season-changing and the Italian showed how pleased he was with some exuberant touchline celebrations.
Reid said: "I didn't think Sunderland were going to get a result at Newcastle but they were fantastic.
"Everton will be a tough team to play against but that was fantastic for the confidence of the football club, never mind the players.
"And the manager's celebrations were as good as the goals - outstanding.
"I know what it is like up there but the fellah has had two games and now has legendary status. I mean that."