Spain will play Australia or England in their first ever Women's World Cup final after a last-gasp 2-1 win over Sweden.

Olga Carmona struck the winner from long range in the 90th minute, just moments after Rebecka Blomqvist had cancelled out substitute Salma Paralluelo's opener in a thrilling conclusion.

Here are the key talking points from a dramatic semi-final in Auckland.

Late drama

After a largely tense and uneventful affair, the game sparked into life in the final 10 minutes as the prospect of reaching a World Cup final became more of a reality.

Paralluelo slammed home with Spain's first attempt on target with nine minutes left before fellow substitute Blomqvist hit back for Sweden.

But the Blagult were virtually still celebrating when left-back Carmona curled home from outside the area in the final minute of normal time for a conclusion fit for any semi-final clash.

Spain find a way

Lacking a ruthless edge for much of the encounter, Spain finally broke through with their first effort on target in the 81st minute.

La Roja's superstars were unable to break through a resilient Sweden backline and it looked for a long time like they could be punished — particularly after Alba Redondo poked wide from close range with 20 minutes to play.

They did eventually get the goals that reflected their dominance and that will stand them in good stead ahead of what will surely be another nervy clash in the final.

Paralluelo impact

Just when the likes of Alexia Putellas, Jennifer Hermoso and Aita Bonmati were struggling to find a way through, up stepped a teenager to make herself the hero for her country once again.

It was 19-year-old Paralluelo's strike that sealed progression in the quarter-final against the Netherlands and her 57th-minute introduction sparked the Spaniards into life.

The physical Barcelona starlet, who chose football over a promising athletics career, clinically found the net with a first-time finish to finally break the deadlock.

Streetwise Sweden's journey ends

Sweden dumped out two tournament favourites in United States and Japan to reach this stage and a similar stubborn approach was effective in stifling Spain for much of the encounter.

Happy to soak up the pressure put on them by the possession-heavy Spaniards, the Swedes waited patiently for their chance and had their opponents sweating on several occasions.

Though their tournament journey is finally over, Spain will certainly breathe a sigh of relief that they did not become the latest high-profile side to be brought down by their streetwise opponents.

History beckons

Spain had never won a World Cup knockout clash prior to this tournament but with three victories now under their belt, they have earned themselves a shot at eternal glory.

With Barcelona at the forefront of club football for some time now, Spain finally look to be matching their exploits on the international stage.

Both Australia and England are also hunting for their maiden World Cup crown, so Sunday's final is guaranteed to be historic regardless of the outcome.