Madrid defeated Liverpool 3-1 in the 2018 final with Gareth Bale bagging a brace to secure them victory.
The final ended in heartbreak for Salah in particular who was subbed off after injuring his shoulder in a challenge against Sergio Ramos.
Salah - who was crowned the Football Writers' Association's Footballer of the Year on Thursday night - is now on a mission to gain 'revenge' and win a second European Cup in four seasons for Liverpool.
Jurgen Klopp's side ensured a place in the final with a 3-2 victory over Villarreal in their second leg while Madrid completed a remarkable 3-1 win against Man City.
"Yes, we lost in the final (to Madrid), it was a sad day for all of us and I think it is revenge time," said Salah when asked if he wanted revenge.
"I'm so excited, I said before the game that I wanted to play Madrid in the final.
"I'm sure it is going to be a tough game, they beat a lot of good teams so we just need to focus on the game."
Liverpool could yet end the season with an unprecedented quadruple, sitting a point behind Premier League leaders Manchester City and facing an FA Cup final against Chelsea having already won the Carabao Cup.
Salah is hoping his FWA award can be the start of a memorable end to the campaign, adding: "It feels great.
"First of all I want to thank everyone who voted for me, of course journalists are a big part of the football family and hopefully we can win some more (trophies) this year."
Chelsea striker Sam Kerr received the women's award after a fine season in the Women's Super League.
Salah and Kerr received their trophies at the Footballer of the Year dinner in London on Thursday.
Salah took 48 per cent of the vote in the men's category, ahead of Manchester City playmaker Kevin De Bruyne and West Ham midfielder Declan Rice.
Salah has scored 30 goals for the Reds this season, 22 in the Premier League, as Jurgen Klopp's side chase further domestic and European success.
The 29-year-old wins the FWA award, which has been presented since 1948, for the second time having also been named the 2018 Footballer of the Year.
The Women's Footballer of the Year vote was open to the full FWA membership for the first time, with the award, which was introduced from 2018, having previously been decided by an expert panel.
Australian striker Kerr, who has scored 18 goals in the Women's Super League to help Chelsea top the table, claimed 40 per cent of the vote, with Arsenal's Vivianne Miedema in second place and Lauren Hemp of Manchester City placing third.
The Blues are a point ahead of Arsenal heading into the final WSL match of the season and could clinch the title against Manchester United on Sunday.
Comparing this season to previous years, Kerr said: "I think it's the same. I think every year I strive to be the best player I can be and I think as I get older I appreciate it more.
"It still is enjoyable, but you can't really compare (seasons)."
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