The first T20I between the two sides at the Wankhede Stadium produced a dramatic finish in December 2012, when Eoin Morgan guided England to a last-ball victory
His 117-run opening partnership against South Africa paved the way for the 170-run chase that was completed within 13 overs.
With both teams still chasing their maiden T20 World Cup title, a place in the final, and a shot at history, is on the line.
England captain Harry Brook said the team will take confidence from the way it has managed to come through tight situations during the tournament
With neither side having lifted the T20 World Cup trophy before, the contest carries immense significance.
South Africa arrive as the form team of the tournament, unbeaten so far and brimming with confidence while the Kiwis have navigated through a rather turbulent path.
Kolkata's legendary Eden Gardens Stadium is set to host the South Africa vs New Zealand T20 World Cup Semi-Final on Wednesday.
Morkel pointed out that the game can sometimes be hard and even cruel on players, particularly youngsters still trying to establish themselves at the highest level
South Africa have qualified for the semifinals as Group 1 leaders in the Super 8 points table, while New Zealand finished as Group 2 runners-up
Both South Africa and New Zealand have shown consistent excellence in recent ICC Men's events but have often fallen just short of lifting the trophy.
Unlike New Zealand, who have toured multiple venues across India and Sri Lanka during this T20 World Cup, South Africa has only played matches in Ahmedabad and Delhi.
A classic rivalry takes center stage once more as the India national cricket team faces England in the second semi-final of the ICC Men's T20 World Cup at the historic Wankhede Stadium in Mumbai.
With South Africa taking on New Zealand in Kolkata and India facing England in Mumbai, the ICC has appointed a mix of seasoned international umpires and match referees to oversee the proceedings.
New Zealand don't make things bigger than they are, said Daryl Mitchell on Monday, adding that the Kiwis will rely on their recent experience of playing in India for the T20 World Cup semifinal.
The West Indies cricket team's departure from India after its exit from the T20 World Cup has been delayed owing to international airspace restrictions triggered by the US and Israeli strikes on Iran.
The financial penalties were reportedly communicated to the players soon after Pakistan's group-stage loss to India
India beat the West Indies by five wickets to set up a semifinal date with England, to be played at Mumbai's Wankhede Stadium on March 5
Defending champions India chased down a fairly stiff 196-run target to knock the former winners out of the tournament at the Eden Gardens on Sunday
Gambhir asserted that till he is the coach, every contribution will get an honourable mention
Gambhir pointed out that with bowlers like Arshdeep Singh, Bumrah and Varun Chakaravarthy expected to complete their full quota of overs, the team had the flexibility to deploy Bumrah strategically