The 27-year-old held his nerve to overcome defending champion and tournament favourite Michael van Gerwen in an epic semi-final, which was decided with a 6-5 final-set shootout.
Cross's reward for making it through to the Alexandra Palace final is a meeting with Taylor, who remains on course for a 17th title in his final event before officially retiring after comfortably overcoming Jamie Lewis on Saturday evening.
Despite the odds being stacked against him right from the off, outsider Cross insists that he is confident in his own ability to beat anyone.
"I've written my own book this year," he told Sky Sports News. "I actually believe I can keep with Michael everyday. I feel I can be better than what I am. Rankings don't mean anything until I'm number one.
"Phil's my favourite player. He's dominant, but I need to do my own job. I never expected this rise - I'm just a normal working boy."
Cross, who qualified through the Challenge Tour, has risen to sixth in the world thanks to his memorable run to the final.