The Chinese fifth seed, who was beaten in the title match by Kim Clijsters 12 months ago, made history in June when she clinched the crown at the French Open to become the first Asian player to win a grand slam event.
Li struggled with the expectation thereafter in 2011, losing in the second round at Wimbledon and in her opening match at the US Open.
But she is confident she has finally shrugged off her Roland Garros hangover and is feeling good about her return to Melbourne.
She said: "Right now I don't feel any pressure. At the end of last year I was under pressure, not from my team but from outside. And in the latter half of last year I did not do very well.
"Now I am more experienced and have learned a lot. I know what I should be doing on a tennis court."
Reflecting on last year, the 29-year-old admitted fatigue played a part in her slump, adding: "Tennis is a tough sport, travelling all over the world.
"We also have the longest season ever, every year we have tournaments for 10,11 months.
"I don't know about other players but I often need time to recover off the tennis court.
"I just needed to relax and after that I felt much better."
Li has already shown signs of improvement in 2012 by reaching the final in Sydney where she lost in three sets to Victoria Azarenka.
She said: "The second half of last year I was not hungry on the court but now I have the hunger back. I feel tough and I am back."
Another player to go through a life-changing experience last year was Petra Kvitova following her triumph at Wimbledon.
The 21-year-old Czech talked down her chances of repeating her 2011 successes, however, despite being on the brink of usurping Caroline Wozniacki at the top of the world rankings.
"The last year was great for me and I had many good results. It will be tough though to have similar results this year," she said.
"I know it will be difficult but I just want to focus on my game and we will see."
As for the number one spot, she added: "It's very close but still far away because there are many players who could get there.
"Women's tennis is really open right now and everybody at the top can play well.
"I know it's just a few (ranking) points but it's still a really big step."