On a revenge mission after losing last year's title decider to Madison Keys, Sabalenka demolished Elina Svitolina 6-2 6-3 on Rod Laver Arena to set up a 2023 final rematch with former Wimbledon champion Elena Rybakina.
Continuing her hot run, fifth-seeded Rybakina overcame a scare from American world No.6 Jessica Pegula 6-3 7-6 (9-7) to return to Melbourne Park's grandest stage.
Big-hitting world No.1 Sabalenka hasn't dropped a set and appears unstoppable as she chases a third Melbourne Park crown.
Only Goolagong Cawley (1971-1977) and Hingis (1997-2002) have also reached at least four straight finals in the Open era.
"I cannot believe that, honestly, and that's an incredible achievement - but the job's not done yet," the world No.1 said.
Sabalenka, 27, was born during Hingis's run of six straight finals and teared up when she conceded her 10-year-old self could never have imagined this.
"I think she would be just super-proud that I was able to make it here," Sabalenka said.
"I would never think that I would be able to, first of all, make it to the top 10.
"And, secondly, to be that consistent and be able to play on such big arenas in front of you all and feel all the support.
"Just a dream life and every day I'm grateful for everything I have - and I don't know, I hope she would be proud of me."
Proud Ukrainian Svitolina, 31, refused to be in the traditional pre-match photo with Sabalenka, with the pair having separate shots at the net with the ball girl.
Svitolina also doesn't shake hands with Russian or Belarusian opponents amid the conflict in Ukraine and again did not do so with Sabalenka at the conclusion of the match, making a swift exit after match point.
The 12th seed had been in red-hot form but she simply could not go with Sabalenka, who clubbed a 29 winners in a dominant performance.
The only time the indomitable world No.1 looked frustrated was when leading at 2-1 when she was called for hindrance for grunting after playing the ball.
After a video review, the call stood and the fiery top seed gave a thumbs down gesture.
But it didn't stop Sabalenka, who smacked a remarkable 19 winners in a dominant first-set performance - and later said the umpire who gave the call "really pissed me off".
After Svitolina saved two set points on serve, Sabalenka sealed the advantage with a scintillating cross-court backhand winner.
Svitolina broke Sabalenka against the run of play in the opening game of the second set and claimed a 2-0 lead as the Belarusian battled unforced errors.
But Sabalenka snapped out of her funk and reeled off the next five games to clinch victory.
Rybakina backed up her quarter-final thrashing of world No.2 Iga Swiatek with a powerful display against Pegula.
"It means a lot," the 26-year-old said after reaching her third grand slam final.
Rybakina will seek her own redemption against Sabalenka, who came back from a set down to beat the Kazakh in her breakthrough 2023 Open final win.
"She won that match, very deserved. I just want to enjoy ... I'm so excited to play," Rybakina said.
Pegula, whose quest for an elusive maiden slam title continues, hadn't dropped a set all tournament but, at times, had no answers to Rybakina.
The powerful Russian-born Kazakh - one of few players on tour who could go with Sabalenka for power - smacked 31 winners and dominated off brilliant serving.
