The 'Millers' currently sitt 19th in the English second division and have never spent a season in the top flight in their 93-year history.
However, Stewart says the achievements of the likes of Huddersfield and Barnsley mean his side can hope to achieve their "impossible dream" one day.
"Talk to Huddersfield. Talk to Barnsley. When Huddersfield went up, we were spending the same amount as Huddersfield at that time, they went north, we went south," he explained when asked whether it was possible for his side to reach the promised land.
"It's not just about money. It's about being able to maximise what you can do. There's an element of luck - in anything, in life - but I think [it's about] getting the right people with the right attitude to pull together, not just on the pitch but off the pitch.
"I've had 10 years. I'm still learning but I have learnt a lot.
"Yeah - the 'Utopia', the 'El Dorado', the 'Promised Land', as they say. It's a target. Like all targets in life, even though it may seem to certain fans impossible, we have to try and dream and make sure we can make the impossible possible."
Rotherham next face Stoke at the New York Stadium on Saturday evening.