Despite defeat to Ulster last weekend, Munster secured third place in the RaboDirect PRO12 table to set up a trip to Scotland for a playoff semi-final.
The Warriors have won their last eight in the competition, since defeat at table-topping Leinster at the start of March, running in plenty of tries in the process.
Munster missed out on last season's playoffs and Penney, who collected the award for RaboDirect PRO12 Coach of the Year on Sunday night, is plotting a route to this year's final.
"We've got a short turnaround and it's a tough act," he said.
"Glasgow Warriors have probably been the best team in the league in the last couple of months and they will be a really difficult proposition at home. So hopefully we will be as good as we can and give them a good contest.
"It's not going to be easy, we're going to have to be excited about the contest and be up emotionally and be tactically astute in all areas, both offensively and defensively.
"If we can get that emotional connection with the game and with the event and be smart about what we do, we'll be in the hunt but if we're not we'll have a tough day at the office.
"I'm really proud of how we've played our rugby this season, we're by no means perfect and there's a lot of work still to do and the hope is that this group can kick on and replicate some of the teams in the past and get some success and reward for their efforts."
For Penney, who will leave the Munstermen at the end of the season, there is the added incentive of finishing his tenure in style.
However, after collecting his award in Edinburgh on Sunday he was quick to pay tribute to his opposite numbers across the competition.
"It's very humbling and a bit embarrassing really to win the award - it's a great competition, it's a tough competition and all the coaches do a great job," added Penney.
"I don't think there's ever a nice way to leave an organisation that you're pretty passionate about but this is a real honour, it's something that I'm very humbled by."
The RaboDirect PRO12 playoffs are building to an exciting conclusion and you can get involved - buy your tickets to Glasgow Warriors v Munster at https://www.eticketing.co.uk/scottishrugby/details/event.aspx?itemref=359
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