Wanderers or Barnsley will face Sheffield Wednesday in the League One play-off final at Wembley.
Darren Moore’s side overcame Peterborough in the semi-final following a miraculous comeback at Hillsborough.
The Yorkshire club were 4-0 down on aggregate after the first leg at London Road but managed to take the tie to extra time in dramatic fashion.
And there will still nothing to separate the sides after a further 30 minutes, but the hosts held their nerve to win on penalties.
Wednesday went ahead on the night after just eight minutes when Michael Smith slotted home from the penalty spot after Marvin Johnson was brought down by Joe Ward in the box.
The Owls doubled their lead midway through the first half, with Lee Gregory diverting Callum Paterson’s cross-shot into the empty net after Will Norris was caught in no man’s land.
The third goal came 20 minutes from time when Gregory’s clever dummy sent Reece James through on goal and he kept his cool to steer past Norris.
And a remarkable comeback was completed in the eighth minute of stoppage time when Liam Palmer swept home from close range after Posh had failed to clear their lines.
The visitors restored their aggregate lead in extra time when Gregory inadvertently headed into his own net while attempting to deal with a free kick from just outside the box.
But there was yet another twist in the tale when Paterson got the Owls back on level terms with a scrappy finish after his initial effort was blocked.
Wednesday gained an advantage in the shoot-out when Dan Butler missed from 12 yards, seeing his strike cannon off the bar.
Jack Hunt scored the deciding spot kick, keeping his cool to pick out the top corner and send his side within 90 minutes of a place in next season’s Championship.
Wanderers head to Oakwell on Friday night, with the scores level following a 1-1 draw in the first leg. Dion Charles cancelled out Nicky Cadden’s opener at the UniBol.
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