The 46-year-old actress has been nominated alongside the 'Fences' star for her role in 'Hidden Figures' but believes that Viola will come out on top.
She said: "For me, being nominated puts no pressure whatsoever. I have no hopes in hell of winning. Viola Davis is winning so I'm excited just to be invited to the party. It is an extreme honour to be nominated.
"There were so many wonderful performances. The fact that mine made the top five, I am thrilled to death so there's no pressure ...
"When they called my name on Oscar [nominations announcement] morning and my publicist called me, that right there was a wonderful moment for me. I don't take it for granted my miniscule chance that my name is called on February 26. I would be grateful but for me, it already has been called in."
And Octavia doesn't feel bad for her co-stars Janelle Monáe and Taraji P. Henson missing out on a nomination for their part in the movie and confessed she used her one vote to vote for herself.
She added: "I didn't feel bad because it's beyond our purview. We only get one vote in the Academy and yes, I voted for myself. If I was only going to get one vote, it was going to be for me. But I also voted for Janelle and Taraji because I felt like they were amazing."
Octavia has remained close to her 'The Help' co-stars, which includes Viola and Emma Stone, since they all starred together in the 2011 movie and was thrilled to see them both nominated.
She told the Philippine Daily Inquirer: "Nobody has changed - that's the beautiful thing. They're grounded people. We are all usually in different cities but Viola has recently moved close to me. I was at her house on Super Bowl Sunday ...
"We all are extremely happy for each other. I'm thrilled for Emma. Neither Viola nor Emma has changed. They're still the same wonderful women that I met five years ago. When the nominations came out, we all received texts from each other."