The 22-12 victory over Cardiff Blues at the Arms Park was their 11th in a row, allowing them to match Leicester Tigers' tournament high. It was also their sixth in a row away from home - giving them outright ownership of that on the road record.
This week they will defend their 30-match winning run on home soil when they play the return against the Blues, the only team to have ever won in the Irish province in the tournament.
That win, way back in October 1997, came at Cork's Musgrave Park and no team has won in the Heineken Cup at Thomond Park.
"Our home record is something we are very aware of," said O'Connell. "We talk about it before matches and none of us wants to be in the team that finally loses a Heineken Cup tie at the ground.
"But it gives us a perverse kind of motivation. It is a great situation to be in with three wins from three but we are still a long way off our best.
"And December is the month in the Heineken Cup when you get all the hype as the tournament returns and then at the end of the month you get all the permutations about who might or who might not qualify.
"It was a tough game for us in Cardiff and a good result. We dug deep, made a few yards and forced them to concede penalties though Cardiff have bought well and in Xavier Rush and Ben Blair they have two great players."
And coach Declan Kidney refuses to accept that his unbeaten side are now in control of the Pool.
"I am not sure about that," he said. "Leicester Tigers have two home games to come and we have still got to face them in Limerick in Round 6.
"We are only halfway through the pool and we are only at the halfway mark in the matches against the Blues.
"I certainly did not feel comfortable at any stage in the game at the Arms Park, their forwards gave us a huge battle and there is all to play for against next week. They have come a long way in the last 12 months and they will come to us with nothing whatsoever to lose.
"And we know that just one defeat in this Pool and everything is back in the melting pot and that it will take at least five, or possibly six victories, to guarantee qualification."
Blues Director of Rugby Dai Young added: "We have a huge amount of respect for Munster and we know they are hugely formidable at home.
"Whether we won or lost in that first game, we were under no illusions about how tough it is going to be at Thomond Park. But we will be going out with all guns to get a result on Saturday - this is a proud bunch of players."