The Terriers and the Hatters will face each other in the play-off semi-final, with the first game at Kenilworth Road on Friday return before the return leg at the John Smith's Stadium on Monday evening.
Hinchcliffe believes the second leg will be crucial and is tipping Huddersfield to reach Wembley but admits it's a very hard tie to call.
Carlos Corberan's side beat Luton in West Yorkshire last month while the sides played out a 0-0 draw at Luton in October.
Both clubs have been among the surprise packages in the Championship this season. On small budgets and not anywhere near top-six contention last term, Huddersfield have spent much of the season chasing the play-offs.
A 2-1 win at Fulham moved them back into the top six in February, as they stayed in those positions until the end of the season. Luton's 4-0 win over Preston in March took them into the play-offs, as they were unmoved from the top six from that point.
Speaking on the Sky Sports EFL Podcast, Hinchcliffe said: “It could come down, as it normally does, to that second leg.
“Again, it might be who is available, key players if they are in the team or not and if they can play over the two games.
“I’m just probably looking maybe at Huddersfield but whoever makes it to the final absolutely deserves to be there.
“There’s no luck, no accident that these two sides are in the top-six and it could be extra-time, it could be penalties because it’s so close to call.”