Nole will be playing in his fifth final this season, and his 90th overall (63-26 record).
Defending champion beat no.3 seed Roger Federer 6-1, 6-2, 3-6, 6-3 to progress to his sixth final in nine years at Melbourne Park.
Nole reached his 16th consecutive final and improved his ATP H2H record against the Czech to 22-2.
Novak is one win away from defending his Barclays ATP World Tour Finals title after he beat Rafael Nadal 6-3, 6-3 at the O2 Arena.
Nole will play against 16th seed Jo-Wilfried Tsonga for his third Shanghai Masters title (Sunday at 16:30 local time/10:30 CET).
Djokovic improved to a 28-0 lifetime mark at the China Open as he dismissed no.4 seed David Ferrer 6-2, 6-3 in semi-finals on Saturday.
Nole was in imperious form in his US Open semi-final against defending champion Marin Cilic on Friday (6-0, 6-1, 6-2).
Novak stays on course in historic bid to become the first player to complete the Career Golden Masters with a 4-6, 7-6, 6-2 win over Dolgopolov.