Last year's champion, fresh from another major title in Poland, begins his quest for consecutive triumphs on Friday night at the WIN Entertainment Centre.
Price, who dismantled Luke Littler 8-1 in last year's final, is all too aware that defending his crown will not be a procession.
"I think there's a lot of players in this tournament that are playing some really good darts," the Welshman admitted to the PDC ahead of his first-round meeting with Australian Pro Tour number one Joe Comito.
"You've got the two Lukes, Josh (Rock) - Damon Heta has been playing pretty well all season, and I think I'm playing some decent stuff at the minute.
"Everybody seems to be firing, so it will be a tough one to win this year. The main thing is I'm enjoying playing, I'm more positive in my mindset.
"I'm actually enjoying the travelling too, which helps."
While Price naturally relishes the challenge, the field is packed with in-form rivals.
Luke Littler, current world champion and still a teenager, arrives off the back of lifting the World Matchplay trophy in Blackpool last month, becoming the youngest player ever to do so.
"I'm feeling good," Littler said ahead of the tournament.
"Whether it's my debut or not, I always want to win, so once you're a runner-up, you always want to come back next year and go one better.
"It's been a difficult World Series campaign for myself this year, but there's still two more opportunities to pick up titles, and hopefully I can get one this weekend.
"Coming off the back of the World Matchplay, I'm feeling very confident. Hopefully I'm up to the task."
Littler's opening tie is against New Zealand's top player, Haupai Puha, who returns for his second spell as a PDC Tour Card Holder.
The home crowd will not have long to wait for more local interest, with Australia's Damon Heta set for a high-stakes clash against fellow countryman James Bailey, a two-time World Championship qualifier.
An eye-catching first-round encounter sees Josh Rock against Aussie darts legend and tournament wildcard, Simon Whitlock.
Rock, whose 2025 has included a World Cup title for Northern Ireland and a World Matchplay semi-final, is one of the sport's current pace-setters.
"I'm very excited to be here," said Rock, who is closing in on a place in the world's top 10.
"Me and my wife went into Sydney yesterday and the city is absolutely beautiful, and now I'm just really looking forward to getting up on that stage tomorrow.
"I'm probably playing the best darts I've played on a consistent basis, but I believe I haven't hit my peak yet. I'm still only 24.
"It should be a fantastic event this weekend. We're all here to win, and I'm going to try as hard as I can to walk away with the title."
Should Rock progress, a quarter-final with world number four Stephen Bunting could follow.
Bunting has hoovered up silverware in Bahrain and Copenhagen this year, as well as making finals in the Netherlands and Poland.
Elsewhere, world number one Luke Humphries, another recent World Series champion, is paired with New Zealand's Jonny Tata.
World Grand Prix winner Mike De Decker and debutant Brandon Weening offer another fresh storyline, while Chris Dobey, a former Masters winner, faces the returning Tim Pusey in their opener.
The action begins at 19:00 local time on Friday, with quarter-finals, semi-finals and the final to follow on Saturday.