In comments that are likely to fuel speculation about Vettel moving to the Italian squad in the future, Domenicali made it clear he believes both drivers are intelligent enough to be able to work together at the Italian squad.
"I think they are both intelligent guys and they could easily coexist together," Domenicali said in an interview with Sport Bild and Auto Bild, extracts of which were published on Ferrari's official site on Wednesday.
Both Vettel, who has been linked with a move to Ferrari when his contract with Red Bull expires at the end of 2013, and Alonso are fighting to become the youngest ever three-time champion this year.
Formula 1 supremo Bernie Ecclestone, who also took part in the interview, agreed with Domenicali.
"That wouldn't be a problem: both are drivers who are always looking for a new challenge and to be in the same team would be a new and big challenge," he said.
"They would both think they can bear the other one, as they are sure of themselves and Stefano would do what was required to so that they were treated equally.
"It would be a case of doing what I did at Brabham in 1979 with Niki Lauda and Nelson Piquet. I told them, 'guys it's simple: whichever one of you is quickest is the team number one.'"
Domenicali reckons, however, that Alonso is the quickest driver of the current field.
"Alonso is the fastest driver of all, I'm sure of that and it's been like that since testing at the start of the year, despite the fact our car was definitely not very quick," he added.
"Now we have improved it, even if we are not yet at the level we want to be. The cars are very close and we are witnessing a really incredible championship which for the fans is a real spectacle."
Alonso is second in the standings so far this year, with Vettel in third just one point behind.