The ITV1 drama will broadcast a live episode as part of its 40th anniversary celebrations in October, as Digital Spy exclusively revealed last month.
Faye, who plays Home Farm businesswoman Megan Macey, has now expressed her excitement over the challenge in store.
She told Inside Soap: "I've done lots of theatre and enjoy that buzz, so I think there'll be a real thrill when we go live.
"You have to know your lines, that's for sure! I watched the Coronation Street live episode - it was fantastic."
Megan and her half-brother Declan (Jason Merrells) are currently busy planning a music festival on screen, but Faye confessed that she would not follow in their footsteps in real life.
She said: "I've never been to a festival and to be honest, I don't want to! You're either that type of person or you're not, and I'm just not. I like to go to concerts where I've got a seat and can find my drink - and don't have to wear my wellies!
"So I've never been into camping and roughing it, yet here I am in Emmerdale organising a festival and covered in mud half the time. That's the life!"
Emmerdale continues tonight (June 15) at 7.30pm on ITV1. Get the Inside Soap magazine on your iPhone or iPad