The actress's latest storyline sees her feisty alter ego Sinead O'Connor involved in a forbidden romance as her stepmum Diane (Alex Fletcher) has banned her from having any contact with her rebellious boyfriend Bart McQueen, played by Jonny Clarke.
Reflecting on the love plot, Davis told the Liverpool Echo: "I've been with someone I knew I shouldn't be with - you know it's not right but you want to be together.
"I'm in a similar situation at the moment. I don't know what to do, but if you like someone you've just got to go for it, haven't you, and hope for the best. Me and Jonny say it's like the law of attraction - everything we do in Hollyoaks tends to happen to us in real life a few weeks later."
Davis also teased next week's dramatic episodes for Sinead and Bart, which see the young couple defy Diane by fleeing the village.
"Diane doesn't want us to be together, so we run away to Wales," she explained. "At first it's all exciting, we go to a B&B and then obviously as time goes on it gets a lot harder. We eventually run out of money, have to leave the B&B and it becomes a struggle.
"But the only good thing is that we've got each other, like Romeo and Juliet. They do get a job on the fair and try and make the best of what they've got. It's hard and they bicker, but they love each other and they make it up no matter what."
Davis joined the cast of Hollyoaks last summer, when the O'Connor clan were unveiled as the soap's third new family.
> Hollyoaks: Stephanie Davis on Sinead's future
> Read more about Sinead and Bart's runaway storyline in our Hollyoaks spoiler section
Watch a teaser video for this week's Hollyoaks episodes below: