Jurgen Klopp's team will be the underdogs when they head to Kiev this Saturday as they hunt for the club's sixth European title.
Gerrard, who won the crown with Liverpool in 2005, has urged the team to grasp the opportunity of winning the biggest club cup competition.
"These players have an opportunity to not just change their careers but their lives in general. They are the moments that you dream of," Gerrard told the Reds' official website.
"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.
"You'll get plaudits and praise for getting where you are but not many people remember it if you don't get over the line 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."
Liverpool defeated Porto, Manchester City and Roma in the knockout rounds.