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Li established a 5-0 lead in the first set.
Li and Bouchard broke each other five times in the second set. It was the two-time runner-up Chinese who finally took her chance to serve the match out.
4th seeded Li Na is the 2011 French Open winner.
“Tough match of course in the final. I think for sure both will try fight on the court because it’s one more step to take the trophy,” Li said about Saturday’s final match.
Li, who is seeking her second Grand Slam singles title, will meet the winner between Dominika Cibulkova and Agnieszka Radwanska in the final.
Li Na, the first Asian woman to win a Grand Slam title, was named in April last year among Time magazine’s most influential people in the world.
Time said: “Li Na who may soon be the highest-paid female athlete in the world,” won a total of 627 votes in Time’s Web poll.