The Chiefs head to Adams Park, knowing that victory over Wasps could be enough for a top-six finish and a Heineken place next term. Wasps, though, are waiting to pounce, standing just two places and three points behind Exeter.
"It does feel like it is the final this weekend, primarily because we have been on a run of games where slipping up would have cost us a chance of finishing in the top six," Baxter said.
"Fortunately, that hasn't happened. The last five games have brought four wins and a very narrow loss (against Leicester).
"That has kept us in the fight and now we find ourselves in a situation where ourselves, Wasps and Bath are pretty much fighting it out for one slot. That means there are some massive games to be played over these last two weeks to decide who will be in the Heineken Cup next season.
"Personally, I think it's a fantastic place for us to be at this stage of the season, still in there fighting for it with two games remaining."
Exeter are unchanged from the side that brushed aside London Irish last weekend, but Wasps rugby director David Young makes a number of switches following a comprehensive loss to Leicester last time out, with Andrea Masi, Joe Launchbury and James Haskell among those who return.
"I won't have any worries about the result, whichever way it goes," Baxter added.
"If we go there and we are ambitious and go after the game, keep true to ourselves and that makes us good enough, fantastic. The only thing that could make me unhappy is if we went there and played as though we were afraid.
"All season, we've tried to set the team up to be good at this stage of the season. This is when things are won. Unfortunately, we are a little bit behind where the big boys are playing, which is the top four, but a Heineken Cup spot is still there."