The battle of the two rivals, both four times world champion, was the talk of last season before Ferrari's challenge fell apart with late reliability problems and collisions.
Vettel led the championship from March through to September, however, and won five races to Hamilton's nine.
"I think Mercedes is the favourite going into this year, so if we can be close -- very close, closer than last year, then that would be great," he told Sky Sports television on the final day of the first pre-season test in Spain.
"But it's a long year. Now it's March and we keep going to the end of November."
Vettel won his four titles with Red Bull between 2010 and 2013 and has had to watch Mercedes dominate the past four championships.
Ferrari have not won a driver's title since Finland's Kimi Raikkonen did so in 2007, and were last constructors' world champions in 2008.
"You want to make sure you bring it (the title) back. That's our ambition and target to bring the championships back to Maranello," said Vettel.
The hope this year is that the engine manufacturers are closer in performance and that the sport could see a tighter battle once the 21-race season starts in Australia on March 25.
Hamilton was ominously quick on the final day of testing, however, and the Briton also set his best time on the slower, medium tyres.
But Vettel, who was fastest on Tuesday before snow and rain set in, was relaxed.
"So far, things have been looking OK, but there has been very limited running for everyone, so it's very difficult not just for yourself to judge but also to judge compared to the others," he said.
"To be honest though it's not that important in the first week. You just want to make sure the car is running. But that's been tough as well because there wasn't that much running."
(Reporting by Alan Baldwin, editing by John Stonestreet)
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