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Both semifinal matches lasted two hours, 12 minutes.
Azarenka is 3-3 in her career against Sharapova, with two of those wins coming in finals.
The winner of Saturday's title match will become the new world No. 1, supplanting Clijsters' quarterfinal victim, Caroline Wozniacki. Sharapova has not held the top ranking since the week of June 8, 2007.
Kvitova beat Sharapova in straight sets to win her first Grand Slam last July, but trailed early against the three-time major titlist on Thursday at Melbourne Park.
"In the third set, I felt she always had the advantage because I was always down on my serve," said Sharapova, who piled up five double faults in the third set and 10 in the match. "I just told myself "You just gotta go for it, don't let her finish off the points like she likes to."'
The 22-year-old Azarenka, meanwhile, became the first Belarusian woman to reach a Grand Slam final since Natasha Zvereva was the runner-up at Roland Garros in 1988 when she was representing the Soviet Union.
In doing so, Azarenka ended another memorable performance Down Under by Clijsters, who has stated she will retire after the Summer Olympics in London.
Azarenka held serve with relative ease the rest of the opening set to stay in the driver's seat, but Clijsters began her comeback by breaking at love on Azarenka's first service game in the second.
But Azarenka, riding a 10-match winning streak after winning in Sydney earlier this month, earned her fourth break of the match to serve for a spot in the final.
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