Kimiko Date-Krumm, 44, came from behind to score an upset victory over Germany's Sabine Lisicki.
Russians Ekaterina Makarova and Elena Vesnina ended the surprising run of Japanese veteran Kimiko Date-Krumm and Czech partner Barbora Zahlavova Strycova 7-5, 6-3 and will take on Martina Hingis and Flavia Pennetta in the final.
Date-Krumm, playing just days after her 43rd birthday, won 6-4, 6-4 against the 19-year-old seventh seed, her second notable scalp of recent weeks after she beat Maria Kirilenko in Seoul.
Japan's 'iron lady' rules out playing in Tokyo at the 2020 Olympics when she will be almost 50.
Top seed and defending champion Serena Williams breezed into the Wimbledon fourth round on Saturday with a 6-2, 6-0 win over Japanese 42-year-old Kimiko Date-Krumm.
Date-Krumm, the oldest woman to reach the Wimbledon last 32 in the Open Era, has made it to the third round at the All England Club for the first time since her run to the semi-finals in 1996.
Kimiko Date-Krumm set up a potential Wimbledon showdown with defending champion Serena Williams as the Japanese veteran defeated Romania's Alexandra Cadantu 6-4, 7-5 in the second round on Thursday.
Date-Krumm is the oldest player competing in the main draw at the All England Club, but age trumped youth as she crushed
The Australian swept the first nine games and drubbed 42-year-old Kimiko Date-Krumm 6-0, 6-2.
After a week of setting age-related records and becoming the media darling of this year's Australian Open, the Japanese player bid farewell to the big stage for now after losing her third-round singles match on Saturday.
Date-Krumm, 42, had already become the oldest third-round contestant in 34 years, but she met her match in Serbia's Bojana Jovanovski who won a tense contest 6-2, 7-6 (7/3) in 1hr 46min.
42-year-old Kimiko defeated Israel's Shahar Peer 6-2, 7-5 with only Richards, aged 45, getting as far at such at an age. If Date-Krumm wins her next match she will be the oldest ever to make the fourth round of a major tournament.
Krumm crushed her opponent, who is 12 years younger, 6-2, 6-0 in just over one hour in hot conditions on an outside court at Melbourne Park.
Eighteen-year-old Elina Svitolina of Ukraine denied veteran Kimiko Date-Krumm a date with history when she overpowered the Japanese 6-2 6-3 to lift the Indian Open, her maiden WTA title.
Forty-two year old Kimiko Date-Krumm of Japan would look to become the oldest singles winner on the WTA circuit after she booked a final berth in the USD 125,000 Indian Open WTA Challenger tournament with a 6-4, 5-7, 6-4 victory over Thailand's
Comeback German girl Andrea Petkovic toppled top seed Nina Bratchikova of Russia while Japanese veteran Kimiko Date-Krumm shocked compatriot and second seed Misaki Doi to storm into the semifinals of the WTA Indian Open, on Friday.
Fifth seed Kimiko Date-Krumm of Japan overcame a challenging opponent and an injury scare to beat Yi-Miao Zhou of China 6-4 4-6 6-2 and reach the quarterfinals of the USD 125,000 Sanjay Kakade Group Royal Indian Open WTA Challenger tournament on Thursday.
Kimiko Date-Krumm, at 41 comfortably the oldest player at Wimbledon, crashed out in the first round on Wednesday, the Japanese number one losing in three sets to Ukraine's Kateryna Bondarenko.