The Ospreys have won more Celtic League crowns than any other side in the RaboDirect PRO12 and also have an Anglo-Welsh Cup to their name since the inception of regional rugby in 2003.
The Dragons, on the other hand, are yet to pick up silverware or make it through to the PRO12 play-offs, with a European Challenge Cup semi-final showing in 2007 and an Anglo-Welsh repeat in 2011 their best displays to date.
They started the current campaign with a bang as Jones' summer arrival from London Welsh threatened to hail a new dawn but results have slowed since the turn of the year and defeat in Treviso on Saturday night saw them slip below the Blues as the lowest-place region with three games of the regular season remaining.
They start the second instalment of Judgment Day as substantial under dogs as a result but Jones is determined to see improvement, both this weekend and throughout the foreseeable future.
"They (Ospreys) are probably six or seven years ahead of us at the moment," Jones, who described the side he led to a hat-trick of trophies as 'still the leading light in Welsh regional rugby', told the BBC.
"We've got some catching up to do. I don't think it's going to take as long as that to catch them up, but certainly we've got lots to work upon to get a side and a business that's going to be developing talent to perform for Gwent Dragons in a higher competition in rugby, as well as developing talent to play for Wales.
"We started the season particularly well, but we've fallen away drastically. We've had a disappointing month leading into this game, but it's a high-profile weekend with two local derbies.
"We totally appreciate that they're hot favourites. But we've got to control what we can control, step up and play in their faces and put them off their stride."
Judgement Day tickets will be available from the Cardiff RFC box office on the day. Alternatively, buy your tickets online up to two hours before the match and print your tickets at home to avoid the queues.