Munster will have the sniff of a second Heineken Cup in their nostrils now but only after as brave and committed a display from an English club as the European competition has seen. Saracens came heart-breakingly close at Coventry's Ricoh Arena yesterday to winning a semi-final that no one outside Watford believed they could win and the Irish province will reflect long and hard on that over the next month.

They will play Toulouse in Cardiff in their fourth final and the French club's fifth, with echoes of the 2006 final in their minds, when Munster beat Biarritz at the Millennium Stadium to claim the Heineken Cup for the first time. They provided the game's dominant personality in Paul O'Connell but they were unable to give Ronan O'Gara the chance to control the game, so intelligent were Saracens in their approach.

If only they could offer this rugby consistently in the Guinness Premiership, they would not now be all but consigned to next season's European Challenge Cup. “The gut-wrenching part is that we have to wait another two seasons before we have another crack at it,” Neil de Kock, the Saracens captain said after emerging from an emotional dressing-room in which Alan Gaffney, their director of rugby who stands down after this season, was close to tears.

Even in the last moments, Saracens were so close to a dramatic win. Cencus Johnston, one of three players sent to the sin-bin in the second half, burst clear with support from Mosese Rauluni and Richard Hill; the former England flanker was dragged down 15 metres from the Munster line and Nigel Owens penalised Saracens, to the huge relief of more than 20,000 Munster supporters, just when it seemed the Premiership club had created the position from which Glen Jackson could drop a decisive goal.

Hill himself was in tears as the match ended. He may yet play again for the club he has represented with such pride for 15 years, against Bristol on May 10, before retirement but to have helped Saracens to a European final would have meant so much. That De Kock volunteered a handsome tribute to him and Gaffney, echoed by Declan Kidney, Munster's coach, is an indication of the regard in which he is held, outside as well as inside England.

Yet for all their territorial domination of the second half, when the nature of the game changed thanks to a ten-minute downpour immediately after the interval, Saracens could not break Munster's defence. Kameli Ratuvou made deep incursions but the telling pass would not come and Munster, so experienced, forced the error or the penalty.

They weathered the initial storm when Saracens surprised even themselves by scoring a try from 80 metres. Ratuvou started and finished it: the Fiji wing chipped along the touchline, regathered and found De Kock in support. Adam Powell appeared on his right and though he was hauled down by Doug Howlett five metres short, Ratuvou crossed from the ruck.

Munster increased the tempo of their game to give O'Gara a penalty goal but Saracens produced a spell of thoughtful, patient rugby that might have broken a less knowledgeable side. There was variation from Jackson and it came all the harder for Saracens when they conceded a try to O'Gara.

Ben Skirving, the No 8, limped off with a leg injury, forcing Saracens to reorganise their back five forwards, but they were caught on the hop just before half-time. Munster tapped a free kick, Ian Dowling and Howlett brought off a midfield switch and though Francisco Leonelli tackled the New Zealander, Alan Quinlan erupted from the ruck to score at the posts.

Two penalties from Jackson brought Saracens back into contention, the second after Rua Tipoki was given a yellow card. But he was followed to the sin-bin by Nick Lloyd and Johnston who had replaced the injured Cobus Visagie, and the relatively brief period of uncontested scrums affected Saracens more. O'Gara punished Johnston's departure by kicking the penalty but before the Samoan's return, Jackson kicked a third goal leaving Saracens close, but not quite close enough, to an utterly unexpected win.

Scorers: Munster: Tries: O'Gara (26min), Quinlan (40). Conversion: O'Gara. Penalty goals: O'Gara 2 (9, 63). Saracens: Try: Ratuvou (5). Conversion: Jackson. Penalty goals: Jackson 3 (43, 59, 71).

Scoring sequence (Munster first): 0-7, 3-7, 8-7, 15-7 (half-time), 15-10, 15-13, 18-13, 18-16.

Munster: D Hurley; D Howlett, R Tipoki (sin-bin, 56-66), L Mafi, I Dowling; R O'Gara, T O'Leary; M Horan, J Flannery, J Hayes, D O'Callaghan (rep: D Ryan, 75), P O'Connell, A Quinlan, D Wallace, D Leamy.

Saracens: R Haughton; F Leonelli, K Sorrell, A Powell, K Ratuvou; G Jackson, N de Kock (rep: M Rauluni, 78); N Lloyd (sin-bin, 60-70), M Cairns, J Visagie (rep: C Johnston, 47; sin-bin, 63-73), H Vyvyan, K Chesney, P Gustard (rep: Visagie, 65-66), R Hill, B Skirving (rep: T Ryder, 33).

Referee: N Owens (Wales).

Attendance: 30,325.