The 1995 Copa Libertadores final stages were played from 26 April to 30 August 1998 and consisted of the round of 16 (or second stage), quarter-finals, semi-finals and the finals. A total of 16 teams competed in the final stages to decide the champions of the 1995 Copa Libertadores.
The final stages had a one-month break between the quarter-finals and semi-finals due to the 1995 Copa América held from 5 July to 23 July 1995.[1]
The winners, runners-up and third placed teams of each of the five groups in the group stage advanced to the round of 16, alongside defending champions Vélez Sarsfield, who received a direct bye to this round.
| Group | width=200 | Winners | width=200 | Runners-up | width=200 | Third-placed teams |
|---|---|---|---|---|---|---|
| 1 | River Plate | Peñarol | Independiente | |||
| 2 | Cerro Porteño | Olimpia | Caracas | |||
| 3 | Millonarios | Atlético Nacional | Universidad Católica | |||
| 4 | Palmeiras | Grêmio | Emelec | |||
| 5 | Sporting Cristal | Bolívar | Alianza Lima |
In the final stages, the teams were seeded according to the pre-established numbering they received according to the final position they occupied in their respective group. Numbers 1, 5, 9, 13 and 17 correspond to each group winners; numbers 2, 6, 10, 14 and 18 to runners-up; and 3, 7, 11, 15 and 19 to third placed teams.
In the final stages, the 16 teams played a single-elimination tournament with the following rules:
The above criteria were established to ensure that the four semifinalists would be of different nationalities (Regulations Section III, Article 3).
The original bracket for the final stages was determined as follows:[2]
| Round | Matchups | |
|---|---|---|
| Round of 16 (Second stage) | (Home team in the first leg are marked with)
| |
| Quarter-finals | (Home team in the first leg are marked with)
| |
| Semi-finals | (Home team in the first leg are marked with)
| |
| Finals | (Home team in the first leg are marked with)
|
The first legs were played on 25–27 April, and the second legs were played on 3 and 4 May 1995.|}
----River Plate won 4–3 on aggregate and advanced to the quarter-finals (Match S1).
----Tied 2–2 on aggregate, Emelec won on penalties and advanced to the quarter-finals (Match S1).
----Millonarios won 3–1 on aggregate and advanced to the quarter-finals (Match S2).
----Palmeiras won 3–1 on aggregate and advanced to the quarter-finals (Match S2).
----Sporting Cristal won 8–5 on aggregate and advanced to the quarter-finals (Match S3).
----Atlético Nacional won 6–2 on aggregate and advanced to the quarter-finals (Match S3).
----Grêmio won 5–0 on aggregate and advanced to the quarter-finals (Match S4).
----Vélez Sarsfield won 5–2 on aggregate and advanced to the quarter-finals (Match S4).
The first legs were played on 26 July, and the second legs were played on 2 August 1995.|}
----Tied 1–1 on aggregate, River Plate won on penalties and advanced to the semi-finals (Match F1).
----Atlético Nacional won 3–2 on aggregate and advanced to the semi-finals (Match F1).
----Grêmio won 6–5 on aggregate and advanced to the semi-finals (Match F2).
----Emelec won 4–2 on aggregate and advanced to the semi-finals (Match F2).
The first legs were played on 9 August, and the second legs were played on 16 August 1995.|}
----Tied 1–1 on aggregate, Atlético Nacional won on penalties and advanced to the finals.
----Grêmio won 2–0 on aggregate and advanced to the finals.
See main article: 1995 Copa Libertadores Finals. The first leg was played on 23 August, and the second leg was played on 30 August 1995.
----Grêmio won 4–2 on aggregate.