The Magpies will play in Belgium on either February 14 or 15 before the return leg at St James' Park on February 22.
However, they face what should be a much harder task if they progress, with Turkish side Fenerbahce or AZ Alkmaar of Holland awaiting them in the last 16.
Roeder: "It is a good draw - one of the first reasons would be because we have not got too far to travel.
"We could have drawn a team from Tel Aviv in Israel and you are on an aeroplane for five hours thinking of the return journey and the game the following weekend.
But we will be in and out of Brussels pretty quickly.
"I cannot tell you about the quality in that team at the moment, but ask me in a few weeks' time and I will tell you all you want to know about them.
"We will prepare the same thorough dossier on them as we have done on all the other European teams we have played this year.
"They (Waregem) have not got a big European history, but if you do not treat every team with the respect they deserve, football has a funny way of tripping you up, and we will not allow that to happen.
"We knew we were going to be away from home first, which is always an advantage, so when we look at everything, we are very pleased to have drawn who we have - and we are quite happy with the prospect, assuming we get through, of who we might play after that."