Russian resulted in Sharapova taking the next four games to lead 6-0, 1-0.
However with Sharapova serving at 0-15, the Russian netted a crosscourt backhand to trail 0-30 before Ivanovic struck two crosscourt forehand winners to break serve and level the set at 1 all.
More inspired play as well as aggressive groundstrokes from the Serbian put Ivanovic ahead 4-3 as she held serve following a netted crosscourt forehand from Sharapova which ended an extended baseline rally.
In her following service game, Sharapova struck two aces in route to holding serve and leveling the set at 4 all.
Ivanovic netted a forehand down the line to trail 0-15 in her following service game before hitting a crosscourt forehand wide to fall behind 0-30.
A powerful Sharapova forehand down the line return resulted in Ivanovic framing a backhand stab which set up three breakpoints for the Russian at 0-40.
At 15-40, Ivanovic netted a crosscourt backhand to drop serve in a critical service break to trail 4-5.
Serving for the match, Sharapova committed two consecutive double-faults before Ivanovic netted a down the line backhand to trail 15-30.
Another double-fault from the Russian set up two breakpoints for Ivanovic at 15-40.
However Sharapova saved both breakpoints during the course of a rollercoaster service game which spanned more than ten minutes.
Ivanovic would also save three match points before a Sharapova ace down the tee set up match point number four.
The Serbian struck an inside out crosscourt forehand long to end the match after one hour and 28 minutes of play.
In a testament to her ups and downs on serve for the day, Sharapova finished the match with nine aces to eight double-faults.
The Russian, who took the French Open championship title this spring, takes on the third seeded and Wimbledon champion Petra Kvitova of the Czech Republic in Sunday’s (Saturday night PST USA) final round match.
In addition to claiming another championship title, the winner of tonight’s final moves up to number two in the WTA Tour Rankings on Monday.