The country stars will go head-to-head for the top prize of Entertainer of the Year at tonight's ceremony (11.11.20), but Miranda says she'd be "the first one out of [her] seat" to congratulate her peer if she takes home the trophy.
When reminded that the two of them are the first pair of female solo artists to be nominated in the category since 1979, Miranda told 'Entertainment Tonight’: "That's pretty incredible and it's also very humbling to be the other one next to Carrie Underwood.
"She's a force and I've always been a huge supporter and believer, and was very vocal last year about how I thought she should take it home. So if she does this year, I'll be the first one out of my seat."
The 37-year-old singer is up for a record seven prizes on the night, bringing her total to 55.
On what it means, she added: "It means my life's work. It's literally what I've chosen to do with my whole life, and having that validation that your peers believe in what you're doing and the people in the industry believe in what you're doing and vote for you all these times and all these years, it means the world to me."
The Nashville ceremony will see performances by the likes of Dan + Shay with Justin Bieber, Jason Aldean, Dierks Bentley and Keith Urban, who will be performing from Australia.
Plus Little Big Town, Jimmie Allen, Ingrid Andress, Old Dominion, Jon Pardi and Morgan Wallen will also take to the stage.
Reba McEntire and Darius Rucker are hosting the ceremony which will air live from the Music City Center on ABC.