Sharapove, who is the second seed in Melbourne, is in fine form after her 6-1, 6-1 third round victory over Kazakhstani 31st seed Zarina Diyas. Chinese number one Peng, the last of her compatriots left in the tournament, has been building a good run of form too culminating in a semi-final spot at last year's US Open.
Sharapova is not taking her lightly, particularly as she plays with a two handed forehand and backhand.
The Russian said: "That's a little tricky but I enjoy playing against her. She hits the ball quite flat as well, and deep and you just really have to be ready for those shots to always come back.
"She's always a tough player to play against because she's really solid."
Sharapova and Peng have met five times in the past, with the Russian leading their head-to-head 4-1. Peng's one victory over Sharapova came on a hard court, a feat she will be hoping to repeat.