The South African has positive memories of the tournament, which will get under way on Thursday at the Oceanico Victoria GC in Vilamoura.
Walters holed an impressive 40-foot putt at the 18th last year, which secured a second-place finish behind David Lynn and ensured the runner-up of a place on this year's Tour.
However, Walters is now facing another tense end to a season and is hopeful the Portugal Masters can again provide him with a boost.
He currently sits 128th in the Race to Dubai and is in need of another positive showing to move up into the top 110 and guarantee a card for 2015.
"Unfortunately I'm in a similar position to last year where I need to try to pull something out of the hat in order to keep my job out here," Walters told the European Tour website.
"Hopefully the golf will be the same as last year and I can do something special again. I made a lot of putts last year.
"It's just a great place to be and I have been looking forward to going back all year. I just hoped I wouldn’t be under the same kind of pressure.
"Some weeks are just your weeks and you can go back the next year and not play well - you can't really rely on anything. But when you do arrive you can draw on positive memories and that never hurts your chances."
If Walters is to threaten the top end of the leaderboard, he will need to fight off competition from some stellar names in southern Portugal.
In total, 73 winners of European Tour events will take part, with a number of Europe's Ryder Cup heroes in action.
Ryder Cup vice-captain Jose Maria Olazabal makes his playing return, featuring alongside the likes of European captain Paul McGinley and three-time major champion Padraig Harrington - each of whom played at the Alfred Dunhill Links Championship.
Tommy Fleetwood and Richie Ramsay both ran winner Oliver Wilson close at the aforementioned competition in Scotland at the weekend and will hope to again feature strongly.
Ricardo Santos and Ricardo Gouveia are likely to be the strongest Portuguese hopes, with the former eyeing a second European Tour title on home soil after victory at the 2012 Madeira Islands Open.
Gouveia won his maiden European Challenge Tour title on Sunday - claiming the EMC Golf Challenge Open in Rome.