The Pharaohs put on a couple of spectacular performances in their first two matches against Brazil and Italy respectively.
They honorably lost 4-3 to the Samba Dancers, before registering a historic 1-0 win over the Azzurri.
However, a shocking defeat to the US disqualified them from the global competition.
"I actually have to admit that this is probably the best generation in the history of Egyptian football," Rayan told FIFA's official website.
"They won two African Cup of Nations titles and they beat the world champions Italy at the Confederations Cup which is something that will be recorded in the history books forever."
Rayan, who was a key figure in Egypt's squad for the 1999 Confederations Cup, pointed out to the similarities between both campaigns.
Too Confident
"Back in 1999 we were in a tough group too with Bolivia, Mexico and Saudi Arabia and we made some good results drawing in both our first games," he explained.
"We needed a win or a draw in the last game to qualify to the next round but unfortunately we lost to Saudi Arabia by a big scoreline (5-1) which nobody expected.
"This year's team did the same. They played some amazing football in their first two games and they were this close to qualifying.
"but they got too confident and they under-estimated their opponent which I believe is what we did too back in 1999.
"I have to honestly say that this year's team is better than we were."