The 19-year-old Indian bounced back overcame a two-set deficit to oust Valencia.
According to information received here, Deepika who had returned with silver in 2010 and 2011 World Cup Finals, shot a 9 closer to the centre to edge past the Mexican in the shoot-off to make the summit clash.
In the pulsating semifinal, Deepika, down 0-4, made a stunning comeback and shot three perfect 10s to tie 5-5 and take the match to the shoot-off.
In the final later tonight, Deepika will face the winner of the match between Ok Hee Yun of Korea and Yuanyuan Cui of China.
This was Deepika's fourth successive World Cup Final appearance.
After fifth-place finish in 2010, Deepika clinched silver medals in both 2011 and 2012.
In the nailbiting last four, Valencia got the better of Deepika in the first set with 27 points to 26.
Deepika continued to struggle as two poor 8s and a 9 compared to Valencia's 10-9-8 meant the Indian tralied 0-4 after the second set.
The fourth set ended up in a tie as Valencia led 5-3.
In a must-win fourth set, Deepika shot three perfect 10s to make it 5-5 before taking the match to the shootoff.
In the quarters, the Ranchi girl ousted another Olympic silver medalist Aida Roman who had finished second in the London Games team event along with Valencia.
Earlier in the morning session, Deepika was pitted against Aida who had qualified for the first time for the World Cup Final.
In the second, Aida shot first but had two 9s, against only one to Deepika for a 3-1 lead.
Aida shot the first arrow in the third set out of the gold ring to open the door for Deepika as the Indian shot two 9s en route to a 5-1 lead.
Deepika clinched the issue in the fourth set outscoring her opponent 28-26 to set up a battle with another Mexican Valencia in the last four.
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