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| 1st(1st leg) | Club Olimpia | - | Grêmio Porto Alegre | 0:3 (0:1) | ||
| 2nd (2nd leg) | Grêmio Porto Alegre | - | Club Olimpia | 2:0 (1:0) | ||
| 1st(1st leg): 25/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Grêmio Porto Alegre | ||||
| 1st(1st leg) | Emelec | - | Cerro Porteño | 2:0 (0:0) | ||
| 2nd (2nd leg) | Cerro Porteño | - | Emelec | 4:5 (1:0, 2:0, 2:0) pso | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Emelec | ||||
| 1st(1st leg) | Alianza Lima | - | Millonarios | 1:1 (1:1) | ||
| 2nd (2nd leg) | Millonarios | - | Alianza Lima | 2:0 (2:0) | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Millonarios | ||||
| 1st(1st leg) | Bolívar | - | Palmeiras | 1:0 (0:0) | ||
| 2nd (2nd leg) | Palmeiras | - | Bolívar | 3:0 (1:0) | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Palmeiras | ||||
| 1st(1st leg) | Caracas FC | - | Sporting Cristal | 2:2 (1:1) | ||
| 2nd (2nd leg) | Sporting Cristal | - | Caracas FC | 6:3 (1:2) | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 04/05/1995 | Winner: Sporting Cristal | ||||
| 1st(1st leg) | Atlético Nacional | - | Peñarol | 3:1 (3:1) | ||
| 2nd (2nd leg) | Peñarol | - | Atlético Nacional | 1:3 (1:1) | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Atlético Nacional | ||||
| 1st(1st leg) | Independiente | - | Vélez Sarsfield | 0:3 (0:1) | ||
| 2nd (2nd leg) | Vélez Sarsfield | - | Independiente | 2:2 (2:1) | ||
| 1st(1st leg): 26/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: Vélez Sarsfield | ||||
| 1st(1st leg) | Universidad Católica | - | River Plate | 2:1 (1:0) | ||
| 2nd (2nd leg) | River Plate | - | Universidad Católica | 3:1 (3:1) | ||
| 1st(1st leg): 27/04/1995 | 2nd (2nd leg): 03/05/1995 | Winner: River Plate | ||||
