Lorenzo heads to Jerez at the top of the standings having secured a well-judged victory in the season-opener in Qatar earlier this month.
The 2010 world champion kept pace with the Repsol Hondas of Pedrosa and Stoner, before making his move late in the race as the Australian faded with arm pump, a build-up of pressure which causes muscle spasms, to take the 25 points.
Lorenzo and the rest of the paddock now head to his home race at a track where the factory Yamaha man has triumphed on his last two visits, overhauling Pedrosa in 2010 before producing a masterclass in the rain last season.
Despite his third place in Qatar, Stoner has said his pace at Losail has boosted his belief that he can retain his world title, and Lorenzo knows the Honda pair will prove his greatest threat come Sunday afternoon.
"I'm very excited to be coming back to Jerez again," he said.
"We were very strong here in our test and I have always had good results here.
"The competition will be tough; I expect Casey and especially Dani to be very fast.
"Qatar was a perfect start to our season; we worked very hard for that incredible victory.
"Now we get to race in front of our home fans, I will try to make sure we make a good show for them. Let's hope it doesn't rain this year."
One man who did not enjoy such a stellar start to the 2012 season was Lorenzo's team-mate Ben Spies.
Crashes in practice building up to the race seemed to rob the Texan of his confidence in the YZR-M1 machine, and he could only finish 11th in the race.
And the 2009 Superbike world champion hopes to bounce back in Spain.
He said: "After a tough start at Qatar my goal at Jerez is starting the season again, I'm going to do the best I can to deliver.
"We had a good Qatar weekend except for the race, we know our pace is strong, the bike is competitive and I'm riding well so we should have a successful weekend."