Brisbane (sixth, 13-8) will meet Bellamy's Melbourne (fourth, 14-7) at Suncorp Stadium on Friday, the Storm looking to make it 12 straight against the Broncos at a venue they've not lost to the hosts since 2009.
But Bellamy knows Brisbane will offer a fresh challenge, the side all-but assured a return to the finals after two years wallowing at or near the bottom of the ladder.
"You don't do that getting lucky," Bellamy said.
Walters' coaching journey took him through Melbourne, where he served as Bellamy's assistant.
"He (Kevin Walters) went through a tough period last year with the way they were going, but you've just got to admire how tenacious he's been," Bellamy said.
"And sticking to a plan he had, that was the big thing."
The Storm coach said the other Walters, who has served as team manager for the last two season, was owed some credit too.
"He's got a lot of help off his brother to be quite honest," Bellamy said.
"I'm not quite sure whether Box (Steve Walters) gets enough credit about how smart he is with footy.
"But they've stuck to what they really thought was going to work for the club, it just took a little bit of time."
The Brisbane coach admitted his side needed to lift again after snapping a two-game losing streak last weekend.
"Melbourne and Penrith, they're the two (top) teams aren't they and they (the Storm) love playing against the Broncos don't they," Walters quipped.
"They'll be ready and so are we.
"It is certainly (a moment of truth); we need to be better but with finals three weeks away you want to be peaking at that time.
"We'll be good tomorrow and the result will look after itself."
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