Gerrard inspired the Reds to their last Champions League win, helping the club to their infamous comeback victory against AC Milan in Istanbul in 2005.
Now Jurgen Klopp’s men have the chance to make their own piece of history and Gerrard has told them to make their opportunity count.
He said: “These players have an opportunity to not just change their careers but their lives in general. They are the moments that you dream of.
“My message to the players would be: go and grasp it, go and seize the moment you have worked so hard for. Go and reward yourselves for the journey you have taken this club on.
“You’ve got to go in with the belief and confidence; you have come this far. You’ve got to handle the responsibility of being a Liverpool player and you’ve got to go and deliver.
“I’m still really good friends with ex-teammates in that team that I played with and I know what it would mean for them. I just hope they go and do it.”
Meanwhile, Klopp has insisted Liverpool will not be daunted by facing Real despite the La Liga giants being so dominant in Europe in recent years.
He said: “In football you always have to try to create a plan to deny the qualities of an opponent, but you also have to bring through your own qualities.
“If we would only think about trying to deny their qualities, that would be quite difficult.
“There have been three dominant clubs in the last few years – Madrid, Barcelona, Bayern.
“We face one of them in the final so who should be the favourite? I have no problem with the situation. It’s not that I want to be the underdog, I don’t feel like an underdog.
“But, yes, they are favourites, they know everything, they could write the script for the final because they have experienced it four times in the last five years. We can’t but no problem with that.”