The Hornets let a big lead slip at the top of the Championship this season and only scraped into the top six with a final-day draw at Blackpool after a run of one win in 14 games.
But Lee is determined the side takes its last chance at securing a return to the Premier League.
"We have to look at the positives. We managed to dig out a result at Blackpool last weekend which got us into the play-offs, and now we're there we've as good a chance as anyone. We just need to find our form again," said Lee.
"We're not firing on all cylinders right now which probably makes us underdogs going into the games against Hull. But we might have won seven or eight of those 14 games if we'd put away a chance here and there so I don't think we're a million miles away."