Smith and Warner were serving ball-tampering bans when India won their maiden Test series down under in 2018-19.
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Smith and Warner were not part of the Border-Gavaskar Trophy 2018-19, which India won by defeating Australia 2-1 in their own den. The pair was serving 12-month bans for their involvement in the infamous ball-tampering scandal in South Africa.
"Missing Smith and Warner was a huge thing for Australia because of the impact they have on that team. They are their (Australia's) top two batsman, they scored the most number of runs for them," Dravid said on Sony Ten Pit Stop show aired on the channel's Facebook page.
"We have seen how a big impact someone like Smith had on the Ashes, even though Warner was out of form, he was able to carry that series along with (Marnus) Labuschagne on his own.
"But yes, these two guys (Smith and Warner) will make a huge impact in that team, so it will be a bigger and stiffer challenge for India this time around," added the former India captain, a veteran of 164 Tests.
India are scheduled to play four Tests in Australia, starting December 3 at Gabba.
"Australia will always look back on the last series and they can always say look Smith and Warner were not there, our best players were not there, but this time you are going to have all the best players of both the teams," Dravid said.
He, however, reckons Virat Kohli and company have in them to give Australia a tough fight.
"But I'd say India has got the fire power to compete and they have got top-class players. So it should be a good one, everyone is going to look forward to it," he said.
The 47-year-old also termed the series as a "marquee" one.
"It is going to be a great series especially after India won last time, it was a fantastic win for India," Dravid said.
"Two great teams, two top-class teams. Australia obviously back to full strength with Smith and Warner. The area where Australia struggled last time was their batting, their batting just kept collapsing, they never gave their bowlers enough to rest upon. So that is something that they will hope that doesn't happen this time.
"India's bowling has been fantastic over the last couple of years, so that should be great. It should be a great contest and probably marquee series of the year for the world," he concluded.
(With PTI inputs)