The Kazakh was quick out of the blocks, converting her first break point in the second game on her way to a 4-1 lead in the opening set.
Pegula saved two break points later in the first, but could not create any of her own opportunities to take Rybakina's serve.
The 31-year-old did show more fight in the second, matching Rybakina's three breaks of serve while also saving three match points at 5-3 down to force a tie-break.
However, Pegula squandered two set points before Rybakina powered a backline down the line to avoid a deciding set and clinch her place in Saturday's championship showdown.
Data Debrief: Rybakina hot on the heels of Sabalenka
Rybakina is the fourth active player to win her first two semi-final matches at the Australian Open women's singles after Naomi Osaka, Sabalenka and Victoria Azarenka.
And in the last decade, Rybakina is the third player to reach the showpiece of the WTA Finals and the Australian Open women's singles in the subsequent year, after Sabalenka and Caroline Wozniacki.
Rybakina and Sabalenka's matchup in this year's Melbourne final will be the first grand slam final between two players who are yet to drop a set since Wimbledon 2008 between the Williams sisters.