The two La Liga sides were paired together during Friday's draw in Nyon, with the first leg of their tie set to take place in Seville on April 24 and the return meeting at the Mestalla a week later.
Juventus or Benfica await the victors in the final and Valencia ambassador Rufete, part of the club's UEFA Cup-winning side in 2004, is confident Juan Antonio Pizzi's men can progress.
"We are pleased to have the second leg at home. It is important," he said.
"We have high hopes placed in this tournament. We hope to get to the final; it's been great until now.
"Any of the four teams could also play in the Champions League, and we will do our best to qualify."
Valencia reached the last four of the Europa League in stunning fashion on Thursday, overturning a three-goal first-leg deficit by beating Basel 5-0 after extra-time with the aid of a hat-trick from Paco Alcacer.
