The Catalan knows both forwards will present a significant barrier to City maintaining their unbeaten home record in the Premier League this season.
He said of Costa: "He’s a top player. He made an amazing season at Atletico and then came here. He's a top player. He is a top scorer and has good movement when he runs in behind."
Of Pedro, he added: "I hope Pedro doesn't perform well.
"I have to thank him, he made me a better manager. He works great between the lines, near the box he's a killer. He is one of the quickest players when it's time to shoot."
Guardiola also had words of praise for Chelsea boss Antonio Conte, who has overcome a slow start to lead the west London club to the top of the table on the back of a seven-match winning run.
"Conte is without doubt one of the best coaches in the world right now," he said.
"It’s the first time we are going to face each other. It's good to play against him. He did an exceptional job in Turin [with Juventus]. He is a contender to win the Premier League from the beginning and now maybe more than before.
"I have spoken to him once or twice - but what I saw on the bench was him as a player. He was a good player."