The German stopper grabbed many of the headlines for all the wrong reasons in Saturday's meeting with Real Madrid, as he gifted the opposition two goals in a 3-1 loss for his side.
Karius deposed Mignolet as Liverpool's number one in January, but questions have been asked of the 24-year-old's short-term future at Anfield following his high-profile howlers.
Speaking to reporters after the match in Kiev, Mignolet admitted that he knows exactly how his fellow keeper is feeling.
"I know how it is. You need a bit of time," he said. "The good thing about this final is that he will have the summer to take it and go forward. "If he wants to talk then of course I will be there. Every goalkeeper can relate to him.
"I've been in this situation before myself and those kind of things you deal with yourself. The only thing I told him is that there is a reason we got to this final, and why we played in this final, so think about that.
"But of course it is very difficult to say anything to him and to let him grasp it. He's only young. I'm sure he will [bounce back]. I think we have all the tools at Liverpool as well to help him with that."