Li reached the final of the Melbourne Grand Slam in 2011 and 2013 and insists that she is keen on making it third time lucky.
"Last time was a little bit tough so I will try this time to make one more step," BBC Sport quotes the 31-year-old as saying.
"I think after working with the coach, it's not only about my technique. I'm playing much stronger on court and more stable from the first point."
Li will face Dominika Cibulkova in the final.