Despite leading the division going into the Christmas period, just three wins in the last seven Premier League games have seen Brendan Rodgers's side drop to fourth - eight points off the Gunners.
Liverpool has lost all three games against its title rivals so far this season - defeated by Arsenal, Manchester City and Chelsea - and Suarez feels that a win on Saturday would be beneficial beyond just the points haul.
"Arsenal are the leaders in the table and victory would be good for morale, give the whole squad an enormous injection and reduce the points difference at the top," Suarez is quoted as saying by the Daily Mirror. "We didn't have success at the Emirates Stadium [in November] so our objective now is to win and I believe we have that chance.
"It has been such a hard season. It's rare that everything could be decided on the last day but we must keep going and to ensure that happens we need results against the other main candidates."
Meanwhile, former manager Kenny Dalglish has hinted that Liverpool should concentrate on retaining fourth - and Champions League football - in light of challenges from Everton, Tottenham and Manchester United.
"Liverpool are in fourth spot right now and someone has to come and take it off them because they’re not going to give it up," he said. "They're two points better off than [Everton] and they have a massively better goal difference. You have to play one game at a time but they are in a very good position at a good time."