First, to break through and win a maiden grand slam title in Melbourne, and secondly, to sit on top of the sport's rankings as world No.1.
Alcaraz withdrew from the first major of the season on Saturday citing a hamstring strain.
Speaking from Auckland ahead of the ATP tournament there, Ruud said he was "sad to see" world No.1 Alacaraz miss out.
"We all wish him a speedy recovery. Tennis is more exciting with him playing tournaments," the Norwegian said.
Ruud was a 2022 breakout performer, jumping into the top echelon with grand slam runs to the final at Roland Garros, lost to Rafael Nadal, and the US Open, lost to Alcaraz.
Alcaraz's inability to play in Melbourne means Ruud is almost certain to be world No.1 following the Australian Open if he replicates those performances and makes another slam final.
ATP rankings are calculated based on the number of points earned over a rolling 12-month period.
Ruud didn't play in Australia last year after rolling an ankle on the eve of the tournament, so he is defending no points and has everything to gain.
He is currently 1000 points behind Alcaraz, meaning another final appearance will see Ruud overtake the teenager.
World No.2 Nadal is defending 2000 points - meaning he must retain the Australian Open title to stand still in the rankings - making it likely Ruud will jump past the Spaniard.
The other two possible world No.1s at tournament's end are Stefanos Tsitsipas and Novak Djokovic, who will both need to win and hope for other results.
"If there is ever a chance or time to maybe be close to being world No.1 it could be in the near future," Ruud said, declaring the ranking "a big motivation and drive".
However, the 24-year-old said "to win a grand slam is to me a bigger dream and a bigger goal in my career.
"It's more important and a bigger achievement in my head and mind to win (a major) than be the world No.1."
Ruud said he opted to head to New Zealand in his preparation for the Australian Open as the United Cup's format only offered him two guaranteed matches.
Norway were based in Brisbane, where Ruud beat Brazil's Thiago Monteiro but lost to Matteo Berrettini.
Ruud said he would take a month-long break from the tour after the Australian Open after he cut short his year-end break to tour South America with Nadal for a string of matches.
"When you have an offer to go with Rafa on such a special trip, an exhibition tour with him, it's tough to say no. I mean, he was my childhood idol and hero," he said.
Ruud will resume his season in Acapulco at the end of February after a block of fitness work.
"My fitness coach is gonna look forward to the month he has with me pushing me to my limits. I don't look forward to it, but he will," he said.
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