The Milton Keynes-based team have dominated F1 in recent years, winning the constructors' championship in each of the last four seasons, while Vettel has swept the board in the drivers' standings.
However, rule changes have thrown the previous top teams' ability to maintain that form into doubt, with reliability expected to be low in the new season's early weeks.
Vettel acknowledged that he may not enjoy the same grip over the rest of the field in the upcoming campaign, but still retains hope that he will be a frontrunner.
Speaking at the launch of Red Bull's new RB10 car, the German said: "Obviously there is a big change for all of the teams, including ourselves.
"I think that over the last couple of years we always knew what to expect, which is very different this year, so it is difficult to have any kind of expectations.
"The most important thing once we get going is to understand the car, understand what it needs and then hopefully build on to that.
"At the moment I would say that expectations are fairly low but once you realise that you have got a good car you want to race in the same way that we have done for the last four years.
"I think that generally everything is possible, but we are on an incredible run, winning the last four titles consecutively.
"Obviously we will try to do it again this year and make it five like Michael (Schumacher) did, but at the moment expectations are fairly low because we don't know what's coming, and I think it is the same for all the teams."
Vettel will race alongside Daniel Ricciardo next season after the Australian replaced his compatriot Mark Webber.
The former Toro Rosso racer is keen to learn from his new team-mate, but is also determined to challenge him on the track and in the championship.
"I am really excited to be alongside Seb this year," he added.
"He has achieved so much in so little time and to be a four-time world champion, no matter what the circumstance, no matter how long he has been doing it, I have a lot of respect for that and a lot of respect for him.
"I am just really looking forward to learning as much as I can and hopefully challenging him.
"I want to try and get some success, but to do that firstly I have to respect him and then go from there."