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For the Morel Cream Sauce: Place the dried morels in a shallow bowl. Pour the warm water over the morels. Allow to sit for at least 1 hour. Strain the morels, reserving the liquid. Cut the rehydrated morels into 1/4-inch thick rings. In a saucepan, over medium heat, add 2 teaspoons of the oil. Add the morels and the remaining 1/2 cup of shallots. Season with salt and pepper. Saute for 6 minutes. Add the reserved and strained morel liquid. Bring the mixture to a boil. Reduce to a simmer and cook for 4 minutes. Add the cream and continue to cook for 6 minutes. Season with salt and pepper. Remove from the heat and keep warm.
To make the raviolis: Place 1 tablespoon of the filling in the center of 32 pasta squares. Lightly wet the edges of the pasta with water. Place 1 pasta square on top of the filled square. Press the edges of the square firmly to seal the square. Repeat the procedure until all the squares are sealed. Bring a pot of salted water to a boil. Add the pasta and cook until tender, about 4 to 5 minutes. Drain. Toss the raviolis with the warm mushrooms sauce and garnish with the grated cheese.