Ferrer got the better of his Serbian opponent in five sets at Flushing Meadows on Thursday, winning their quarter-final tie 6-3 6-7(5) 2-6 6-3 7-6(4).
Tipsarevic started the contest on a disappointing note, as he went down 6-3 in the first set in 36 minutes.
However, the 28-year-old recovered in the second set, and, after winning it in tie-break, clinched the third set by a comfortable margin of 6-2.
Ferrer, though, did not give up and defeated the Serbian 6-3 in the fourth set to take the match to a fifth and deciding set.
Ferrer had the last laugh, winning the fifth set 7-4 on a tie-break to wrap up the victory.
He will now take on either Juan Martin del Potro or Novak Djokovic in the semi-finals.