Tipsarevic of Serbia advanced to his first final by beating Ukrainian qualifier Illya Marchenko 6-1, 6-4, while Youzhny of Russia beat Kazakh qualifier Mikhail Kukushkin 6-2, 6-1.
Schiavone of Italy defeated Alona Bondarenko of Ukraine 6-4, 6-0 to reach her second straight final in as many weeks. Govortsova of Belarus ousted Alisa Kleybanova of Russia 6-2, 6-1 to reach her second career final.
Tipsarevich broke decisively in the seventh game of the second set.
"I tried to change the rhythm and tempo in the match," Tipsarevich said. "I got a huge boost and confidence in my game once I made the first break.
"I have no experience of playing in the final - this is my first one. So, I will play it point by point, like any other match."
Youzhny, the 2004 runner-up, dominated after an exchange of breaks early in the first set.
Schiavone is 1-10 in WTA Tour finals, winning at the Gastein Ladies in 2007. The 24th-ranked Italian lost to Samantha Stosur last week in the final at Osaka, Japan.
Schiavone, the 2005 runner-up, broke Bondarenko decisively in the 10th game of the first set and dominated the second set to reach her third final this season.
"I was more aggressive today," Schiavone said. "At 5-2 she played too good, very good but then I was pushing and took my chance. I think I played better today."
Schiavone is now 4-2 against Bondarenko, who won her only title by beating the Italian in the Luxembourg final in 2006.
After an exchange of breaks, unheralded Govortsova broke Kleybanova two more times in the first set. The 67th-ranked Belarusian was 4-1 up in the second when Kleybanova called for a doctor to have her right shoulder and back massaged.
"It was tough struggle in every game, though the score looks so impressive," Govortsova said. "I'm happy with my play here."
Govortsova, who is 1-1 against Schiavone, said she would have to play aggressively to beat the Italian.
"Schiavone always plays good here because she plays passively with many slices and drop shots," Govortsova said.
The 20th edition of the Kremlin Cup has a weakened women's draw because seven of the world's top players had qualified for the Doha Championships before the Moscow tournament and opted to skip it.