Since losing the 2014 semi-final to Real Madrid, Bayern have won 11 successive home matches in the Champions League.
Victory on Tuesday would match Manchester United's record from 2006-09.
"We're very, very strong at home," said Bayern's World Cup-winning defender Jerome Boateng. "That's what we're counting on."
'We die for each other'
While Bayern are on the brink of winning their fourth successive Bundesliga title, Atletico remain firmly in the hunt in La Liga.
Simeone's side are level on points with leaders Barcelona with two matches of the domestic league season remaining.
Former Liverpool forward Fernando Torres said the team are reaping the rewards of their work ethic and unity.
"We die for each other," said the 32-year-old, a Champions League winner with Chelsea in 2012. "It's a battlefield out there.
"We are going out to win. We live the excitement of playing match by match and the situation we are in."
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