The star trio have not played together since the summer tour of Australia in 2012.
But Faletau is excited about the prospect of packing down in the all-British & Irish Lions back-row as Wales prepare to face the Springboks in the opening Test of the Dove Men Series at the Millennium Stadium.
“It’s been a while and it’s good to be back in alongside Sam and Dan,” said Faletau.
“They are great players. Everyone knows how good Dan is at the tackle area and Warby is great at the breakdown. They complement each other.
“As a back row, it’s great to know what each others’ game is about.
“Sam just knows to hang off a little bit and go for the jackal if Dan is the tackler. We know each other well and that makes a difference out on the field.
“We’ve had good times and hopefully there will be plenty more ahead.”
Wales have not beat the Springboks since their 29-19 victory at the official opening of the Millennium Stadium in 1999.
They have lost the last 13 encounters between the sides but have been agonisingly close to taking a scalp on several occasions, most notably the one-point defeat at the 2011 Rugby World Cup.
The Faletau-Warburton-Lydiate axis was in action on that day in Wellington, with the Newport Gwent Dragons No.8 scoring a crucial try, and he reckons now is the time to finally conquer the Springboks.
“I was fortunate to cross the line, but it was the first game of the World Cup and I was just happy to be involved,” added Faletau.
“We were unlucky to lose, but it was a good performance and hopefully we will put another one in this weekend.
“There have been plenty of close things against southern hemisphere sides, especially against Australia, and we need to get the win.
“I guess it may be a psychological thing in that we think it’s a bigger step up against the southern hemisphere teams.
“The gap is closing and we are capable of winning these games. We just have to go out there and believe it.”