Smith, a frequent Boyle collaborator who directed the music for his London 2012 Olympics Opening Ceremony, is behind the soundtrack for the follow-up to 127 Hours.
"After finishing the Opening Ceremony, I hardly knew what day of the week it was. I took a month off work, off music, off everything," Smith said.
"Exactly one month and three days after we said goodbye in the stadium, I received a text from Danny that said, 'Do you ever want to hear from me again workwise and would that go as far as having a chat about Trance... questions, questions'. Two minutes later I was on board."
Sandé, who was also an integral part of the Olympics ceremony, added: "It was wonderful to work with Rick again after the amazing time I had with him putting together the track for the Opening Ceremony at the Olympics.
"I was honoured to be asked to collaborate with him again for the film and, with his help, I believe we have created something very special."
Boyle added: "Trance reaches back to the darker, more anarchic spirit of films like Trainspotting on which Rick was a key collaborator.
"The film is a puzzle of the protagonist's own making and Rick's music brilliantly drives the interior landscape of these characters as they try to solve it."
Smith continued: "For a film composer, working with Danny is a joy, because he's both a great collaborator and a giver of artistic freedom, he loves to be surprised, and also wants his film music loud and with presence, almost like another character - for me this is creatively exciting and inspiring.
"And it was a real joy to work with Emeli again - her passionate soulful voice and wonderful lyrics are a perfect ingredient of the score."
The soundtrack to Trance is released on March 25 via Universal with liner notes by Boyle.
While Smith has been working on the score, his Underworld bandmate Karl Hyde has recorded his debut solo album Edgeland.
All of the songs have been developed and reworked by Smith to make an "immersive listening experience".
The film opens in the UK on March 27.
The full Trance OST tracklisting is as follows:
1. 'Chanson D'Amour' (Art & Dotty Todd)
2. 'Bullet Cut' (Rick Smith)
3. 'Solomon' (Rick Smith)
4. 'Here It Comes' (Emeli Sandé & Rick Smith)
5. 'Cannon Fall' (Rick Smith)
6. 'Sandman' (Kirsty McGee)
7. 'Raw Umber' (Rick Smith)
8. 'The Day' (Moby)
9. 'Santiago (101 Greatest Goals)' (Rick Smith)
10. 'Hold My Hand' (UNKLE)
11. 'Bring It To Me' (Rick Smith)
12. 'Movin' On Up' (M People)
13. 'Soho Dim Sum' (Rick Smith)
14. 'You Knew' (Rick Smith)
15. 'The Heist' (Rick Smith)
16. 'Sandman (I'll be There)' (Rosario Dawson & Rick Smith)
Trance on-set pictures - photo gallery: