"She is definitely the toughest opponent in the draw and being in the final makes it even more difficult," Azarenka said. "So it's definitely going be a tough one.
"Our record, it says it all. I mean, I haven't won in any last meetings, so I definitely need to find something to surprise her because she's in a great form, feeling really confident right now. She has everything on her side."
In their most recent encounter, at the Olympics last month, Williams thumped Azarenka for the loss of just three games and the Belarusian knows she must be big and brave to spring a boilover.
"When I go to play against her, I don't think that I'm playing against Serena. I just try to go the same way and try to focus more on myself," the top seed said.
"I have to try to return well, definitely, and serve because with Serena it's not really the long rallies.
"It's all about who grabs the first opportunity, who is more brave to step it up right from the beginning."
Williams can join sister Venus and Steffi Graf as the only women to claim the Wimbledon-Olympic-US Open treble in the same season.
"It will probably be the best summer I've ever had," the 30-year-old said. "If you win the Olympics and Wimbledon and this, it would be kind of cool. So, yeah, it will be awesome."
Williams snared her maiden major in New York at 17 in 1999 and raised the trophy again in 2002 and 2008 before being trumped in last year's decider by Samantha Stosur.
"I definitely want to hold that trophy and to lift it up," the fourth seed said.
"Last year was different. I didn't get to bed until after 4am [the night before]. I had to come right back and play again. Went fast.
"This year, I know it sounds weird, but I have more experience than I did last year. But I don't have anything to lose. I feel like I'm going up against - I personally think - the most consistent and the best player this year, being Victoria Azarenka."
After once again succumbing to Azarenka, Sharapova said an upset shouldn't be dismissed.
"She's No1 in the world," Sharapova said. "There's no reason why she shouldn't have a chance."
In the men's semifinals, Novak Djokovic aims to reach his second-straight US Open final by getting past David Ferrer, while Czech Tomas Berdych faces Britain's Andy Murray.
-AAP
