By Martyn Herman
Stosur, who put out four-times champion Justine Henin and world number one Serena Williams en route to the last four, sauntered to a 6-1 6-2 victory on Court Philippe Chatrier under clear blue sky and warm sunshine.
She becomes the first Australian female to reach a grand slam final since Wendy Turnbull in 1980.
"I'm very pleased and so happy I'll have an even better memory than last year," said the 26-year-old who lost to eventual champion Svetlana Kuznetsova in the 2009 semis here.
The 17th-seeded Schiavone will also be making her debut in a grand slam final after she put out Elena Dementieva, who retired injured after losing the first set 7-6.
Seventh seed Stosur has been the form player on claycourts this year and she oozed confidence against the disappointing Jankovic, whose buttercup yellow dress was far more dazzling than her tennis.
Stosur suffered her only lapse in the second game of the second set when a double-fault gave Jankovic three break points, the second of which she converted with a forehand winner.
It was only a temporary blip however as she rattled off the next six games.
(Editing by Tony Jimenez)