I was informed that on particular model Benz's that OEM power steering fluid is not only recommended but required. I know that one of those models is my '92 w140. If you go to the dealer parts dept you will see I believe 3 or 4 types of p-s fluid. I remember being told that two types are fairly generic. If I were you I would go for the MB branded one. I'm not totally familiar with the '94 E320, but it most certainly can't have a p-s reservoir larger than the w140 which is a half-gallon.....so for a difference of a couple of dollars why take the chance?

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1996 SL320 97K miles
1996 C220 130k miles
1992 500SEL 170k miles <---sold
1986 300E 216k miles <---sold