Sachin Tendulkar led with the appreciation of both teams.
"Well played in the ICC World Cup Team India. A tough game today and a loss is always difficult to handle," Tendulkar wrote on his Twitter handle.
"But you have played some terrific cricket throughout and all the fans have enjoyed watching you. Congratulations to Australia for a convincing win. Steve Smith's hundred, Finch's support to him and a strong finish by Johnson made the difference," the Indian legend added.
Kumar Sangakkara, who smashed four consecutive hundreds in the tournament, felt Australia were simply the better team.
"Aus too strong overall. Steve smith keeps on going. It was always tough for India unless Virat stayed in. Will be a cracker of a final," tweeted the Sri Lankan great.
"Sport is like this... Well done team india on a good and brave World Cup campaign," wrote shooter Abhinav Bindra, India's sole individual Olympic gold medallist.
Australia face New Zealand in the final at MCG on Sunday.
"Congrats to the Australian team, you were outstanding tonight. The final will be Aust & NZ !! Wow, it's going to be a cracker, who's going ?" wrote Shane Warne, who was commentating in the semifinal here.
Former India opener Aakash Chopra said: "In the end 'cricketing logic' has prevailed...The better team has won. Aus started as favourites, played as favourites too. Worthy finalists!"
"india had a rely gd tournament Sad for my boys but Australia has played some outstanding cricket in this w cup deserves to be in the final," said Yuvraj Singh.
"Ind might have lost the semis but they should be proud at the way they played from the start of the WC.Aus was a better side today," felt VVS Laxman.
Pakistan spinner praised Indian captain MS Dhoni for his leadership throughout the tournament.
"Well played Aust, in particular @stevesmith49 - you were a delight to watch. Hard luck India, @msdhoni you are a great leader and a player," wrote Ajmal.
The Bollywood was not far behind in acknowledging India's impressive run in the tournament where they won seven games in a row.
"Well played Australia. Thank you to the Indian team for taking us to the semis. Hard luck and well played," wrote actor Aamir Khan.