Palace beat Rayo Vallecano 1-0 in Leipzig, Jean-Philippe Mateta's first-half goal enough to secure the club a first continental trophy.
Sarr played a starring role throughout the Eagles' run to the title, scooping the competition's top goalscorer award with nine strikes.
Hughes only appeared five times off the bench in Europe, and was an unused sub during the final.
The duo's medals are perhaps a reminder of what Watford could have had, considering Hughes played a starring role in promotion to the Premier League in 2020/21 but was sold to Palace after failing to agree a new contract at Vicarage Road.
Sarr, who was excellent in both 2019/20 and 2020/21, remained for two more years but his performance levels dipped, and he was eventually sold to Marseille in 2023.
The winger appears to have rebuilt his confidence at Palace, for whom he has scored 33 goals in 92 appearances since signing in 2024.
Conference League top scorer ✅
Conference League winner ✅
What a season for Ismaïla Sarr 👏#UECLfinal pic.twitter.com/51pVWRcNda
— UEFA Conference League (@Conf_League) May 28, 2026
He netted 34 times in 131 matches for the Hornets, memorably scoring a brace in the famous 3-0 win over Liverpool in WD18 in February 2020.
He then won the club's Player of the Season award as they secured automatic promotion in 2021, scoring 13 goals and assisting another five.
Hughes, meanwhile, featured in 118 games between 2017-21 – including in the run to the FA Cup final in 2019.
The midfielder started every match on that run, including the famous 3-2 win over Wolves in the semi-final and the 6-0 defeat to Manchester City in the final.
He put that right by winning that competition last season and now has another trophy to celebrate.