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The 24-year-old from Guntur fought like a man possessed to outclass Son 21-15 18-21 24-22 in an energy-sapping men's singles match that lasted an hour and 12 minutes in Jakarta.
Srikanth had a 2-4 head-to-head record against Son, having lost to the Korean four times in the last four meetings but all that didn't matter today as he survived a battle of attrition at the Jakarta Convention Centre (JCC).
Earlier, giant-killer H S Prannoy played his heart out but eventually ran out of steam against Japanese Kazumasa Sakai to go down narrowly in the other semifinal.
The World No 25, who had shocked Olympic silver- medallist Lee Chong Wei and gold-medallist Chen Long in the last two days, got to the match point five times but he could not convert to eventually go down 21-17, 26-28, 18-21 in a 77 -minute men's singles match.