The German outfit – whom Kevin Keegan had departed Anfield to join the preceding summer – took a lead in the opening leg on home soil, but David Fairclough's equaliser saw it end 1-1.
And back on Merseyside for the return, Liverpool were irrepressible.
A Terry McDermott hat-trick, delivered in 16 minutes either side of the interval, was the centrepiece of a 6-0 rout that also included Phil Thompson, Fairclough and Kenny Dalglish on the scoresheet.
It would be a while before they won it again, however, with the Reds beaten in the editions of 1978-79 (4-3 on aggregate against Anderlecht) and 1984-85 (2-0 against Juventus).
Indeed, it was as UEFA Cup winners 24 years later that Gerard Houllier's men secured the Super Cup by defeating Bayern Munich 3-2 in a thriller on August 24, 2001.
At Monaco's Stade Louis II, Liverpool surged into a three-goal lead by the 46th minute through efforts from John Arne Riise, Emile Heskey and Michael Owen.
They still had to hold off a late comeback by Bayern but did so successfully to return the club's name to the winners list.