The fourth seeded Indo-Czech pair denied the Bryans a piece of history with their 3-6 6-3 6-4 win as the American twins were trying to become first doubles team since 1951 to collect all four Grand Slam titles in the same year.
Ken McGregor and Frank Sedgman had achieved the rare feat of winning Calendar Slam in 1951.
The Bryans ran away with the first set but faced stiff challenge in the second, which Paes and Stepanek dominated to take the match to full length.
Paes and Stepanek will have a chance to win their first Slam title of the season, having finished semifinalists at the Wimbledon.
The two teams began well but Paes and Stepanek handed the advantage to the Bryans in the sixth game of the opening set.
Facing a breakpoint, Stepanek double faulted which handed the Bryans a 4-2 lead, which soon became a comfortable 5-2 when the Americans held the next.
Paes served to stay in the set and he held the game, which featured an entertaining 21-shot rally.
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