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.
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. <section begin=Qualified teams /> <section end=Qualified teams />
<section begin=Seeding /> 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.
<section end=Seeding />
<section begin=Format /> 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).<section end=Format />
The original bracket for the final stages was determined as follows:
<section begin=Bracket /> Per regulations, the original bracket had the following modifications:
<section end=Bracket />
The first legs were played on 25âÂÂ27 April, and the second legs were played on 3 and 4 May 1995. <section begin=Round of 16 />
<section end=Round of 16 />
River Plate won 4âÂÂ3 on aggregate and advanced to the quarter-finals (Match S1).
Tied 2âÂÂ2 on aggregate, Emelec won on penalties and advanced to the quarter-finals (Match S1).
Millonarios won 3âÂÂ1 on aggregate and advanced to the quarter-finals (Match S2).
Palmeiras won 3âÂÂ1 on aggregate and advanced to the quarter-finals (Match S2).
Sporting Cristal won 8âÂÂ5 on aggregate and advanced to the quarter-finals (Match S3).
Atlético Nacional won 6âÂÂ2 on aggregate and advanced to the quarter-finals (Match S3).
Grêmio won 5âÂÂ0 on aggregate and advanced to the quarter-finals (Match S4).
Vélez Sarsfield won 5âÂÂ2 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. <section begin=Quarter-finals />
<section end=Quarter-finals />
Tied 1âÂÂ1 on aggregate, River Plate won on penalties and advanced to the semi-finals (Match F1).
Atlético Nacional won 3âÂÂ2 on aggregate and advanced to the semi-finals (Match F1).
Grêmio won 6âÂÂ5 on aggregate and advanced to the semi-finals (Match F2).
Emelec won 4âÂÂ2 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. <section begin=Quarter-finals />
<section end=Quarter-finals />
Tied 1âÂÂ1 on aggregate, Atlético Nacional won on penalties and advanced to the finals.
Grêmio won 2âÂÂ0 on aggregate and advanced to the finals.
The first leg was played on 23 August, and the second leg was played on 30 August 1995.
Grêmio won 4âÂÂ2 on aggregate.