And, ahead of Jürgen Klopp's current crop attempting to bring the trophy back to Anfield for a sixth time, the pair sat down to share their fantastic memories of winning the tournament with LFCTV.
When We Were Kings, which is now available to watch on demand on LFCTV GO, sees the Scottish pair reminisce about their contributions to the Reds' victories in 1978, 1981 and 1984.
Watch their fascinating walk down memory lane below, or read on to take a sneak peek at what both men had to say.
1978
Dalglish capped an incredible debut season at Anfield with the winning goal on the biggest stage of them all - the European Cup final.
The Reds' quest for a second consecutive victory in Europe's premier cup competition took them to Wembley Stadium for a meeting with Belgian outfit Club Brugge.
And, with just over an hour gone, Souness collected a loose ball at the edge of the area before sending a brilliantly weighted through-pass into the box for Dalglish.
The former No.7 recalls: "[The pass] was perfect. As soon as [the 'keeper] went out the goal I just went. Chipped it. Maybe it was a bit selfish; I could have possibly squared it.
"There was Ray Kennedy and David Fairclough in there somewhere but I never saw them."
Souness added: "That was a great feeling. You know, when you've scored and you're off and we're all chasing you."
1981
Three years later, Bob Paisley's team headed to Paris to face a star-studded Real Madrid side aiming to clinch their seventh European Cup.
Alan Kennedy's late strike decided the fixture in favour of the Reds, but Souness and Phil Neal missed much of the celebrations in order to undergo random drug testing.
And, incredibly, they eventually emerged from the stadium to find their teammates had left without them!
As Souness explains: "You imagine this happening today. So, we get drug tested, and come out and the stadium's empty, everywhere is locked up and we come out and there's one bus outside the stadium.
"We get on the bus because it was full of English journalists. We said, 'Can you take us back to where the hotel is?'
"So we get on the bus, it goes round and the driver said: 'We're going that way, your hotel is that way'. [Phil Neal] and I got off the bus and we're walking along the streets near the stadium, which are now deserted.
"No taxi would stop for us. So we're walking round - how are we going to get home? How are we going to get back to the hotel? So I said, 'I'm going to jump in front of a police van.'
"So, this police van - there was lots of police there - comes out, blue lights flashing; I jump out and stop - the back door is open, three or four policemen get out with their truncheons.
"I've had to go into my pocket and go - because obviously I don't speak French - 'Medal! Played football in there earlier!'"
"So we're bundled into the back of a police van - and they take us back to, it was a Meridian hotel."
1984
Joe Fagan had taken up the managerial reins by the time Liverpool reached the 1984 final, where they faced AS Roma in their Stadio Olimpico home.
Souness recalls an impromptu pre-match speech from the mild-mannered Scouser that summed up the laidback approach to the big occasion that ensured nerves did not creep in.
He says: "So we're now having a pre-match lunch, and at the end of the lunch Joe stood up and he's tapped his spoon against his glass and has asked, 'Excuse me boys, can you leave?', to the waiters.
"And we're thinking: team meeting? Team-talk? - which we never did. He stood up and it was obvious very quickly that he was talking to himself.
"He said, 'Big game tonight' - that's true, European Cup final. 'These must be a good team, they've won the league and they've got World Cup winners.
"'They beat some good teams on the way here. Now, make sure you're not late for the bus that leaves at quarter past five.' That was it.
"He was talking to himself! 'Make sure you're not late for the bus at quarter past five' - and that was the team-talk to play a European Cup final."