Federer is yet to confirm his place in London next month following his most barren season in over a decade.
The 32-year-old has claimed just one title so far this year and sits in eight place, just behind Wawrinka, in the race to reach the season-ending event.
Federer will bid to boost his hopes on home soil in Basle this week before heading to Paris for the final chance to earn the points to secure a place at the O2 Arena.
Wawrinka will also be in attendance in Basle but, having never made it to the Tour Finals, Federer admitted he would not mind seeing the man he won Olympic doubles gold alongside taking his place.
"I'll be happy if Stan qualifies," Federer said in quotes reported on the ATP's official website.
"If that means I'll miss it, I honestly don't care. It means he was the better player for the year.
"I'm always happy for his results. I don't see it as a rivalry as such. We'll see at the end of Paris how it's all going to pan out."
Andy Murray's withdrawal from London, following back surgery, has opened up an extra place and it is likely both Federer and Wawrinka will book their places.
Federer admits having the luxury of a home tournament in the run-in should boost his chances.
"I definitely think it's an advantage playing at home," said Federer, who will meet world number 60 Adrian Mannarino first up.
"I'm here to try and play well and qualify for the Barclays ATP World Tour Finals, but the focus is totally on this tournament.
"I'll take it step-by-step this week in Basle and in Paris. Mentally, I'm starting to focus on the first match and I hope it's going to go well for me."
While Federer has endured a difficult season, prompting his recent split from coach Paul Annacone after more than three years, he remains hopeful of competing at the 2016 Olympics in Rio.
"[Playing at the Rio Olympics] is something I'd like to achieve," he said.
"That doesn't mean I'm going to end my career there, or earlier or later. It's just an idea.
"As long as my body and mind is ready to go to travel, I'm happy to be doing what I'm doing, I'm successful.
"I'll be playing for some time and that hasn't changed due to a tough six months right now."