But Laudrup, who also spent a season with semi-final opponents Fiorentina, has jumped to the defence of former boss Smith.
"Walter has turned Rangers around since he went back there," said the Dane.
"He brought in a lot of new players at the start of the season and would have looked at Rangers' strengths and weaknesses.
"Neutrals would maybe say they have been a bit negative but for the rest of us, for the supporters, we have enjoyed the run.
"With the tactics he has used and Rangers' never-say-die spirit, their run has been remarkable.
"The Rangers side I played in had better individual players, but maybe we were a bit naive in Europe. We were too open and were unable to get to the stages of the competition where it is fun - the latter stages.
"Now the big star at Rangers is the team. Now they just need one more result and they are in the final. They have got a good chance."