Rob Howley scoring the try that won the 2004 Heineken Cup for Wasps
Rob Howley is the only Welshman in an all-time great Heineken Cup side chosen to mark 15 years of the competition.
The ex-scrum-half, now Wales' attack coach, scored 12 tries in 38 Heineken games and won both the Challenge Cup (2003) and Heineken (2004) with Wasps.
Players from five nations and six clubs were selected by a nine-man European Rugby Cup panel of former players, coaches and members of the media.
Wales flanker Martyn Williams was given the ERC Fair Play Award.
"It was widely felt that Williams is the embodiment of the player who upholds the values of the game of rugby in these European club competitions and in so doing is an inspirational role model as to how the game should be played," said an ERC statement.
Toulouse's Guy Noves was unanimously hailed as the best European coach of the last 15 years.
The ERC selection panel comprised Sir Ian McGeechan, Lawrence Dallaglio, Ieuan Evans, Fabien Galthie, Donal Lenihan, Michael Lynagh, Stuart Barnes, Stephen Jones and Jacques Verdier.
ERC European Dream Team: Geordan Murphy (Leicester Tigers); Josh Lewsey (London Wasps), Brian O'Driscoll (Leinster), Yannick Jauzion (Toulouse), Vincent Clerc (Toulouse); Ronan O'Gara (Munster), Rob Howley (London Wasps); Christian Califano (Toulouse), William Servat (Toulouse), Sylvain Marconnet (Stade Français Paris), Martin Johnson (Leicester Tigers), Fabien Pelous (Toulouse), Rocky Elsom (Leinster), David Wallace (Munster), Anthony Foley (Munster).