The semi-final ended in a 4-4 aggregate tie and the 'Black Eagles' advanced on away goals having won the first leg 2-1 at home last weekend. Setif will tackle another Democratic Republic of Congo club, Vita, in the two-legged final.
Abdelmalik Ziaya, whose last-minute wonder goal won the first leg, gave Setif an early lead at Stade Mazembe in southern Congolese mining hub Lubumbashi. Four-time African champions Mazembe hit back through goals from Ghanaian Daniel Nii Adjei, Malian Salif Coulibaly and Congolese Jonathan Bolingi. But substitute Sofiane Younes reduced arrears on 77 minutes.
The 'Ravens' needed a fourth goal to regain the aggregate advantage, but Setif held on to stay in contention for the €1.2m first prize. Setif hammered Nigerians Iwuanyanwu Nationale (now Heartland) 4-1 overall to win the 1988 final while Vita won the competition in 1973 and were runners-up eight years later.
Setif and Vita are the first clubs in the 50-year history of the competition to win semi-finals after taking 2-1 first-leg leads. Seven attempts between 1971 and 2010 failed with the casualties including record eight-time African champions Al-Ahly of Egypt.
Vita host the first leg of the final between 24-26 October with the return match one week later.
Apart from the prize money, the African champions qualify for the 2014 FIFA Club World Cup in Morocco.