The Japanese team has brought its 2014 RC213V to this week's test at Aragon. Poor weather prevented it from running in earnest on Tuesday, but a further attempt will be made on Wednesday.
Last year Honda introduced its 2013 bike early, allowed Pedrosa to put eventual champion Jorge Lorenzo under great pressure in the closing part of the season.
Technical director Takeo Yokoyama said Honda was poised to do the same again.
"It is a complete new bike, both in terms of engine and chassis," he said. "Our plan is to test it now in order to be able to do, eventually, some changes before the post-race test in Valencia in November.
"Anyway, if Dani and Marc find something in the bike that they feel is a really big improvement compared to their actual RC213V, HRC will do its best to provide it already later this season as we already did last year."
Pedrosa currently leads the world championship by seven points over Lorenzo, but the Yamaha rider has won the last two races at Mugello and Barcelona.
LCR rider Stefan Bradl did some exploratory laps on the 2014 bike in the wet on Tuesday.
Gresini Honda's Alvaro Bautista was also present and on track.
Yamaha and Suzuki will now join Honda for the second day of running.
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