The Gunners must overturn a 1-0 deficit in the French capital in Wednesday's (07.05.25) second leg and the midfielder believes that the team will have to be at their very best if they are to reach the Munich showpiece against Inter Milan.
Rice said: "I think the manager calls them magic moments. He always talks about having someone delivering a magic moment. I think in that game against (Real) Madrid, obviously I was able to produce two free kicks, which were incredible.
"But tomorrow night, a semi-final is set up for someone else to maybe get that magic moment. Hopefully it's me again, but you're going to need a moment of magic to win a game, and as a team we're going to need that.
"The way they move between the lines was really, really smart. But once we worked out how we could beat them, we missed a few chances, but in terms of how we were driving with the ball, giving our wingers one v one opportunities, chances started to open up.
"I think tomorrow night we need to do the same. We need to have big balls and we need to go out there on the biggest stage and show that we're ready to play at this level."
Manager Mikel Arteta urged Arsenal to take inspiration from their 2-1 second leg win against Real Madrid in the quarter-finals as they attempt to reach a first Champions League final in 19 years.
The coach said: "We did it in a really convincing way against very difficult opponents. The last one is very recent, it's Madrid against all the odds because obviously they were talking about all the comebacks and the history and what they did, and we proved something very different to what they expected and tomorrow we want to do the same.
"We are a win away from being the Champions League final. In the most beautiful city in the world, against a great opponent, it doesn't get much better than that."