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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.
Sharapova, seeded fourth, lost the second set, and was down 0-30 at 4-4 in the third before a replay reversal gave her new life. The Russian won the next four points to put the pressure back on Kvitova, who could not hold serve thanks to several unforced errors in the final game.
The former world No. 1 Sharapova's last major title came at the 2008 Aussie Open. The Russian was the Aussie runner-up in 2007.
If this was, in fact, the Belgian's final visit to the season's first major, she went down fighting. Azarenka broke Clijsters' second service game of the match, then fought off four break chances in the proceeding game.
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.
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