The 21-year-old attacking midfielder danced past three Bayern Munich opponents before sending an inch-perfect effort past Manuel Neuer while under pressure from another pair to give Atleti a 1-0 victory in the semi-final first leg.
The goal was well-received by the Atletico players, most notably Luis who suggested it will go down in history in Europe's premier club competition.
"I think Saul's character helped him to score that beautiful goal, it was really beautiful," he said.
"One of the best goals in this Champions League so we're really happy that it is his goal."
Atletico will head to Germany to take on Bayern at the Allianz Arena in the return bout next Tuesday.