Only victory in Paris will be sufficient if the Irish are to revive the title aspirations damaged by Sunday's 23-21 defeat at the Aviva Stadium.
Wales won with a final-minute penalty that a Six Nations disciplinary hearing declared should never have been awarded, yet unconvincing Ireland also contributed to their own downfall.
O'Connell accepts that a repeat performance in the French capital, where they have won just once since 1972, will lead to ruin.
"Our record in Paris is certainly a frustrating factor," said the Ireland skipper.
"You can't give France anything easily over there and that's what we did against Wales.
"We gave away easy yards and turned over possession too easily. That's nearly a blueprint for not winning in Paris.
"France gather momentum when they're playing well, so we can't afford to concede that momentum. We must be accurate and enthusiastic.
"It will be a massive challenge because they're an excellent side. They looked very good at times against Italy last weekend.
"But when you look at our team and the experience we have, we can certainly do it."
Ireland are braced for sub-zero conditions at the Stade de France on Saturday with the temperature predicted to fall to minus seven by kick-off.
France winger Vincent Clerc has declared there is "reason for concern", but coach Declan Kidney is reluctant to consider the ramifications of the weather at this stage.
"We've not discussed the temperature. We'll have to wait until we step off the plane and feel it," said Kidney.
"It's one of those uncontrollables. We just have to work off the premise that it will be the same for them as it is for us."
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