| Group 1 | 01/03/1994 | Club Olimpia | - | Cerro Porteño | 1:0 | ||||
| Group 1 | 08/03/1994 | Independiente Medellín | - | Club Olimpia | 0:0 | ||||
| Group 1 | 11/03/1994 | Atlético Junior | - | Club Olimpia | 0:0 | ||||
| Group 1 | 23/03/1994 | Cerro Porteño | - | Club Olimpia | 1:3 |  |
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| Group 1 | 11/04/1994 | Club Olimpia | - | Atlético Junior | 1:0 | ||||
| Round of 16 | 19/04/1994 | Barcelona | - | Club Olimpia | 0:1 | ||||
| Round of 16 | 26/04/1994 | Club Olimpia | - | Barcelona | 2:1 | ||||
| Quarter-finals | 26/07/1994 | Bolívar | - | Club Olimpia | 0:1 | ||||
| Quarter-finals | 02/08/1994 | Club Olimpia | - | Bolívar | 2:0 | ||||
| Semi-finals | 09/08/1994 | São Paulo FC | - | Club Olimpia | 2:1 | ||||
| Semi-finals | 16/08/1994 | Club Olimpia | - | São Paulo FC | 3:4 pso |
Paraguay