AP skipper Ajay Reddy hit 143 runs off 119 balls with 11 fours to help his side put 257 on the board.
Chasing the target, Odisha fell short of six runs as they scored 251 for 6 in their 35 overs.
In the second semi final of the day, Gujarat defeated Haryana by 88 runs.
Gujarat piled up 376 for four on the board with Ganesh Gavit hitting 213 off 119 balls.
The final will be played at MIG Club in suburban Bandra and the valedictory function is expected to be attended by former India skipper Ajit Wadekar.