Seventeen-year-old Jovic, ranked 73rd in the world, got off to a blistering start by winning the opening three games before taking a 5-2 lead en route to taking the first set.
While the second set was a tight affair, Jovic regained her composure in the decider to outplay her 19-year-old opponent and reach her first WTA tour-level final in a match lasting nearly three hours.
In the other semi-final of the WTA 500 hard-court event, Colombian Arango produced a composed performance to defeat Frenchwoman Elsa Jacquemot 6-4, 7-5 in under two hours.
Arango, who was runner-up in Merida in February, is also chasing a maiden WTA singles title.