We investigate the interplay of band structure topology and localization properties of Wannier functions. To this end, we extend a recently proposed compressed sensing based paradigm for the search for maximally localized Wannier functions [Ozolins et al., Proc. Natl. Acad. Sci. USA 110, 18368 (2013)]. We develop a practical toolbox that enables the search for maximally localized Wannier functions which exactly obey the underlying physical symmetries of a translationally invariant quantum lattice system under investigation. Most saliently, this allows us to systematically identify the most localized representative of a topological equivalence class of band structures, i.e., the most localized set of Wannier functions that is adiabatically c...