The hosts had 24 shots over the game, with Reds goalkeeper Alisson making nine saves. The Brazilian ended the Champions League round 16 first-leg being named man-of-the-match.
In contrast, Donnarumma was caught out as Harvey Elliott struck the only goal of the game for Liverpool on 87 minutes.
A furious Riolo later said on After Foot: "The one who is not reliable is Donnarumma. There is a shot and his hand is a lump of butter. While Alisson has a mason's hand."
Meanwhile, fellow pundit and former Liverpool defender Jamie Carragher said on CBS Sports: "It's one of the biggest robberies you'll see in football. I can't believe what I just saw, PSG were absolutely exceptional, they dominated Liverpool. Alisson, it wasn't just one save tonight, it was probably the greatest performance of his career, certainly in a Liverpool shirt.
"If Liverpool win the competition, which is a great opportunity for him, this performance will be remembered for years to come."
After collecting his MVP award, Alisson said: "Yeah, probably (the best performance) of my life I think – so far, hopefully. The manager was telling us how hard it would be to play against PSG, how good they are with the ball and we have to be ready to suffer. When you see the clips from the opponent, you know what is coming, so much quality in their side.
"But we as well work hard. Yeah, we gave away so many chances but always with a player on the ball, some of them with a one-v-one but the biggest part of the chase is always having someone to make the player who is having the chance think a little bit more. So, it makes my job easier, all the effort the team puts in. At the end, Harvey coming in and scoring the goal, it's unbelievable and a great story for us. A great night."