Hosts Zambia booked a final place against South Africa after seeing off Zimbabwe in their Four Nations tournament semi final in Ndola on Wednesday.
Chipolopolo came from behind to draw 2-2 with the Warriors before triumphing 5-4 in the subsequent penalty shoot-out.
South Africa had earlier also needed penalties to see off Angola after their clash finished level at 1-1.
After a goalless first half, Zimbabwe led seconds after the break as Isaac Shamujompa netted for the visitors.
Orlando Pirates forward Justin Shonga equalised for the home side just past the hour-mark to continue his good form, but another South African-based player had Zimbabwe back in front minutes later.
Baroka FC winger Talent Chawapiwa has been a revelation this season and continued that good form with a goal for the national team.
It looked as though that would be the final score before Lazarous Kambole salvaged a draw for the Zambians, who then held their nerve in the shoot-out.
Zimbabwe will now face Angola for the bronze medal on Saturday at 15h00, while the final between Zambia and South Africa will be played at 18h00.