Both players were made to work hard for their respective victories, with defending champion Svitolina coming from behind to beat experienced campaigner Francesca Schiavone 3-6 6-1 6-4.
In the first meeting between two, it was Schiavone who took the early initiative on the hard court in Azerbaijan to claim the opening set.
However, Svitolina, who at the tender age of 19 already has two WTA singles titles to her name, showed further signs of her continuing development by rallying to level the match in emphatic fashion.
Schiavone threatened a comeback when she fought back from a break down to level the third at 3-3, but the quality of Ukrainian world number 37 Svitolina shone through as she broke the Italian for a fifth time to keep her hopes of retaining the trophy alive.
Svitolina will face another of tennis' rising female stars in the final of the WTA International event after Jovanovski's quest to regain the crown gathered further momentum.
The 2012 champion demonstrated her toughness to come through a frenetic encounter with Switzerland's Stefanie Vogele, winning 6-2 2-6 6-4.
Vogele - who had hammered top seed Sorana Cirstea 6-1 6-1 in the second round - displayed substantial resolve to force a decider after Jovanovski had comfortably taken the opener.
But Serbian fifth seed Jovanovski had the better of a final set that featured five breaks of serve to seal a second win in three matches with Vogele and ensure an exciting showpiece clash with Svitolina.