This is the 17th time the duo have been paired together in the FA Cup, with Liverpool leading 9-7.
Liverpool's Premier League form has left a lot to be desired this season, but they could become the first club to do the FA Cup/League Cup double for the second time should they secure the trophy this season.
Everton, meanwhile, boast a record of 14 wins in 25 semi-final appearances, and will be hopeful of reaching the final where the winner will face either Chelsea or Tottenham Hotspur.
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So there we have it. It's Liverpool who advance to the final of the FA Cup after Carroll's late winner secures a 2-1 win. The first period might have belonged to Everton, but the Reds improved after the interval and will now face either Chelsea or Tottenham Hotspur in the final of England's most famous competition. A full report of the match can be found here. Thanks for joining Sports Mole for the coverage.
FULL-TIME: Liverpool 2-1 Everton:
90 min +3: Still nothing from Everton as an attacking threat, with Liverpool controlling the ball.
90 min: We will play four additional minutes at the end of the tie.
89 min: Chance for Liverpool to secure the win as Suarez finds Maxi in the box, but he fires wide from close range.
88 min: Change for Everton as Baines is replaced by Victor Anichebe.
Liverpool surely win it late on with a header from Carroll. Bellamy whipped a dangerous cross into the box, and the powerful forward is on hand to flick the ball into the net.
87 min: GOAL! Liverpool 2-1 Everton (Carroll)
84 min: Change for Liverpool as Downing is replaced by Craig Bellamy.
84 min: Chance! Another opportunity for Carroll inside the Everton box, but the former Newcastle United man fails to make proper contact.
82 min: Both teams are attacking as we approach the final 10 minutes of the match, with Jelavic just striking wide from inside the box.
78 min: Chance! Wonderful opportunity for Carroll who creates space in the area, but he fires just wide of the post.
77 min: Better from Everton as Osman strikes from outside the box, but it is collected by Jones with relative ease.
76 min: It's good work from Coleman who searches out Jelavic in the Liverpool box, but Skrtel is on hand to clear the danger.
75 min: Change for Liverpool as Jordan Henderson is replaced by Maxi Rodriguez.
74 min: It has certainly become apparent in this second period that Jelavic is far too isolated in the Everton attack, with the Liverpool defence dealing with the danger posed with ease.
70 min: It's brilliant defending from Baines who denies Downing a clear run into the box, but Everton need to provide an attacking threat in the latter stages of this match if they are to secure the victory.
69 min: Change for Everton as Gueye is replaced by Seamus Coleman.
67 min: Everton just have not started since the break, the fluency has returned to the Liverpool play and they are the ones who look the most likely.
64 min: Liverpool continue to attack with Suarez down the left, but Downing cannot find a Liverpool body in the area.
It's a horror show from Distin as he presents the ball straight to Suarez, who drives into the box before placing past Howard in the Everton goal
62 min: GOAL! Liverpool 1-1 Everton (Suarez)
60 min: Another defensive error so nearly costs Liverpool once more, but Skrtel clears the danger with Jelavic lurking in the box.
59 min: It's Liverpool who continue to dominate the ball with the 60-minute mark in the match approaching.
55 min: Everton's first real chance of the second period falls to Jelavic, but he fires over from outside the box. It's a bit better from the Blues.
53 min: Chance for Everton as Darron Gibson looks for Fellaini in the box, but Jones punches clear.
51 min: Everton simply cannot gain control of the match in this second period, it's all Liverpool.
49 min: Liverpool continue to force the issue in the early stages, with Johnson, Gerrard and Carroll leading the charge.
47 min: Chance! Glorious chance for Liverpool as Downing finds Carroll in the box, but somehow he heads wide from close range. Quite incredible.
47 min: It's Liverpool on the attack in the early stages of the second half, with Glen Johnson attacking down the right.
46 min: We are underway in the second period at Wembley.
So there we have it, Everton lead 1-0 at the break following Jelavic's goal after 24 minutes. Chances have been few and far between in a tight affair, with Liverpool just about edging the attacking play, but a defensive error has left them behind at the interval. A report of the opening 45 minutes can be found here.
HALF-TIME: Liverpool 0-1 Everton
45 min: We will play one additional minute at the end of the half.
43 min: It's Everton who force the free kick with Skrtel felling Jelavic, but the Croatian fires wide.
42 min: Liverpool force the corner with five minutes remaining in the half, but once more, the danger is cleared by Everton.
40 min: We haven't seen much from Everton as an attacking threat since the Blues took the lead, but their defence looks strong with Distin marshalling the back line.
37 min: Gerrard tries his luck from distance with an effort from outside the box, but it drifts high and wide of Tim Howard's goal.
35 min: Corner for Liverpool as Agger drives forward, but Cahill clears the danger with Carroll lurking.
33 min: It's Liverpool who continue to dominate possession as the half approaches its latter stages, but still no real chance for the Reds.
30 min: It's really good work from Suarez as he searches out Gerrard in the area, but Everton skipper Phil Neville clears the danger.
27 min: The Everton fans are in good voice following the opening goal in the match, but Liverpool might have equalised when Stewart Downing searched out Carroll in the box, but it's wonderful defending from Baines.
Everton take the lead after a defensive mix-up in the Liverpool defence presents Jelavic with the chance to slot home from close range. Disaster for Liverpool, joy for Everton.
24 min: GOAL! Liverpool 0-1 Everton (Jelavic)
20 min: The players, and certainly the crowd, have settled down after a lively opening period, but there remains little fluency in midfield for either side.
18 min: It's really good work from Marouane Fellaini as he hounds possession from Martin Skrtel, you can't help but feel the giant Belgian will be a key part of Everton's defensive work this afternoon.
16 min: It's much better for Everton as Magaye Gueye finds Leon Osman in the box, but Jamie Carragher steps across to make the block.
14 min: Free kick for Liverpool in a dangerous position as Suarez is felled by Sylvain Distin, but Agger's effort smashes straight into the Everton wall.
12 min: Good work from Tim Cahill presents Jelavic with a shooting chance outside the box, but his effort is blocked by Agger. Spearing's effort for Liverpool after three minutes remains the best chance of the match thus far.
10 min: The match hasn't settled in these early stages, with periods of scrappy play from both sides.
08 min: It's better for Everton as Darron Gibson looks for the feet of Jelavic, but Liverpool defender Daniel Agger clears the danger.
06 min: Free kick for Everton as Steven Gerrard fells Nikica Jelavic outside the box. It's Leighton Baines with the opportunity, but he fires over.
05 min: Liverpool have certainly started the encounter the stronger, and look intent on grabbing an early advantage in the match.
03 min: Chance for Liverpool after good work from Carroll presents Jay Spearing with a shooting chance, but he fires over the bar.
02 min: It's Liverpool with early possession of the ball this afternoon with Andy Carroll already looking for Luis Suarez at every opportunity.
01 min: We are underway in this FA Cup semi-final, and what an occasion we have on our hands.
00 min: The players are emerging onto the Wembley turf on this glorious afternoon in London. Today's referee is Howard Webb.