The eighth-seeded Wozniacki had a tough route to the finals, having to bounce back from a poor first set to get past No. 4 Angelique Kerber of Germany 2-6, 6-4, 7-5 at Indian Wells.
With the win, the Dane secured her first spot in a final this year.
She'll face second-seeded Sharapova, who advanced with a 6-4, 6-3 win over fellow Russian Maria Kirilenko, who was seeded 13th.
The semifinal victory enabled Sharapova to vault over Belarusian Victoria Azarenka for the world No. 2 ranking.
Sharapova will be seeking her second Indian Wells title in three years. She sports a 4-2 lifetime mark against Wozniacki.