The sides drew 1-1 after extra time, with the young Owls holding their nerve in the shoot-out to book a final date against Charlton Athletic tomorrow (Friday) at Sheffield Hallam University Sports Park (12.30pm).
Seattle Sounders also take on FC Basel in the U16s final which kicks off at 3pm tomorrow.
Former Sports Minister Richard Caborn will be presenting silverware to the winners. He'll be joined by the Lord Mayor of Sheffield and some of the biggest names in football including former Chelsea and Arsenal star Alan Hudson, former Wednesday and England striker David Hirst and ex-England international Des Walker.
There'll be joined by former Premiership referees Mark Halsey and Roger Dilkes, and famed sports artist Paul Trevillion.
Jock Waugh, director of Youdan Trophy tournament organisers You-Are-The-Ref.com, said: “It is hugely satisfying to see some of the biggest names in football coming to our city to celebrate one of the oldest stories in football and it’s thrilling that our very own Sheffield Wednesday has made the final.
“We’re looking forward to a thrilling climax to what has been an amazing week.
“It’s also fitting that Seattle Sounders from the USA have made the U16s final in advance of the inaugural Youdan Trophy in New York in 2017.”
Some of the world's top clubs have been competing in Sheffield this week for the second year of the Youdan Trophy. Nearly 800 players have played in the tournament that has brought international football of the very highest standard to the city.
Teams from Rosenborg to Everton, Seattle Sounders to FC Basel and Newcastle United to Royal Antwerp have been competing against top-flight teams from the UK and Europe.
UK Premier League and Championship clubs include Watford, Birmingham City, Nottingham Forest Stoke City, Charlton Athletic, QPR and Middlesbrough with Scotland represented by Glasgow Celtic and Glasgow Rangers. The city's own Sheffield United and Sheffield Wednesday have also taken part.
* A decision is pending from a legal hearing, held to resolve a dispute over the Youdan Trophy tournament. Sandygate club Hallam FC opposed a bid by You Are The Ref to trademark the name ‘Youdan Trophy Est 1867 Sheffield’, claiming the name infringes its intellectual property rights.