The Warriors have been drawn in Pool One, where they will once again face Sale Sharks and Clermont Auvergne after meeting both clubs last season. Leicester Tigers and Section Paloise complete Glasgow's opponents.
Leinster were also drawn in the Pool but cannot face Glasgow due to competition rules.
Smith believes the draw presents another opportunity for his squad to test themselves against Europe's elite.
He said: "The Champions Cup is where you want to be testing yourself against some of the best clubs in world rugby, and this draw gives us exactly that opportunity.
"Each of these teams will present a different challenge.
"Leicester Tigers have a proud history in this competition and continue to represent one of the biggest clubs in English rugby.
"Sale Sharks are a side we know well from recent seasons, and we know the physical challenge they bring every time we meet.
"Section Paloise will be another great experience for our players and supporters, whilst Clermont have consistently shown the quality they possess on the European stage over many years. Every fixture will demand our very best if we want to be successful.
"We have spoken throughout the last few seasons about continuing to challenge ourselves against the highest level of opposition.
"These are the occasions that allow our players to grow, both individually and collectively, and they are the matches that everyone at our club looks forward to.
"We know the quality of the teams in our pool, but we're excited by the opportunity to represent Glasgow Warriors in Europe once again and to compete against some outstanding opponents."