A 2-1 triumph saw Arsenal win their quarterfinal 5-1 on aggregate.
Rice didn't get on the scoresheet, but was outstanding on the night with a performance which could be a watershed for his career.
"What a two games to cement yourself as one of the best midfielders on the planet," ex-Arsenal centre-back Matthew Upson said on BBC Radio 5 Live.
"Declan Rice is doing it in these two games."
Rice ran the show
Former England defender Rio Ferdinand said on TNT Sports: "You need games like this in your career. You need to get to places like this to be properly judged.
"He's stood up against the holders of this trophy and he's not just competed, he's run the show, he's run the show in both games. He's put himself in another bracket."
Former Arsenal stopper Martin Keown also stated: "Declan Rice was up against Jude Bellingham and there was only one winner. He was absolutely magnificent."
For his part, Rice said at the final whistle: "It is such a special night for this club, a historic night for this club. We had an objective in this competition - we want to win this competition."