The Ospreys flanker was one of 15 Welshmen named in Warren Gatland's 37-man squad after a superb end to the 2013 Six Nations.
Competition for places across the whole squad looks set to be fierce but in the back row, where Tipuric is joined by the likes of tour captain Sam Warburton and Ireland's Sean O'Brien, there are some top class internationals competing for the red jersey.
Add in the likes of Toby Faletau, Dan Lydiate, Jamie Heaslip and Tom Croft, and you can see the number of options available to Gatland and his coaching staff.
But despite the competition, Tipuric says he can't wait to get going when the squad meet up for the first time today.
"There is a lot of competition and there are guys who have missed out that are quality players too," he said.
"I'm just lucky enough to be a part of that and it's a great honour. Everyone will be aiming to work hard now to get some game time out in Australia.
"Being a part of the Lions is the pinnacle of anyone's career."
Tipuric teamed up with Warburton and Faletau in Wales' final game of the Six Nations and was at his creative best as Wales secured back-to-back Championships with a convincing win over England.
Alex Cuthbert's two tries grabbed the headlines that day but Tipuric's role in both scores was vital on a day to remember at the Millennium Stadium.
"There are a lot of similar faces both in terms of players and coaches from Wales and I think that's a positive," Tipuric added of the make-up of the Lions' squad.
"Going from regional to international rugby is a jump and now going to the Lions, I'm going to have to up that standard again.
"It's not going to be easy and we're all going to have to work hard and train hard."
With the Lions based at the WRU National Centre of Excellence, Vale Resort, Hensol from Tuesday, there will be a familiar feel to this week's training for the Welshmen in the squad.
And Tipuric has reserved special praise for Warburton who is just the fourth Welshman in history to be named as tour captain for the Lions.
"Sam leads by example on the field," he said.
"It's a great honour for him to be captain of the Lions. He deserves it and it will be great to see him walk out as captain.
"Wherever he plays he'll do the jersey proud."