The young Aussie has been called up from the reserve driver list for this weekend's outing at the Hungaroring, where she'll drive for the PUMA W Series Team.
It's her second visit to the Budapest circuit following a European GT4 appearance back in 2016.
"It's great to be back and the Hungaroring is one of my favourite circuits," Wood said.
"The circuit is quite technical, so you have to know where to position the car to get the most out of it, but the rhythm is really cool.
"It's going to be tricky because I haven't had the three rounds of seat time that everyone else has had. The fact that I know the circuit helps, but I'll need to be smart and focus on myself.
"There is pressure because I want to perform. I'm preparing myself well and working with the right people to set myself up to do a good job. Hopefully that rewards me with more drives this season because I’m loving being here and I want to be in the seat.
"I've been at every round so far this season watching and learning from the other drivers and I know I need to work as hard or harder than all of them.
"After the disappointment of just missing out on automatic qualification at the end of season one, I have a very refreshed outlook for 2021 and I feel comfortable and confident in my ability to do a good job. Every setback is a chance to be better and I've tried to learn and improve on 2019.
"I did well at the pre-season test in Wales and that's given me this chance to get back in the car.
"It's amazing to be supporting Formula 1 and now I want to show my pace and enjoy a good weekend in Hungary."
The W Series action will be split across three half-hour sessions this weekend, with practice and qualifying on Friday and a single race on Saturday.
Alice Powell leads the standings by six points over 2019 champion Jamie Chadwick, followed by Sarah Moore and Fabienne Wohlwend.

Caitlin Wood W Series
Photo by: Carl Bingham / Motorsport Images