Unseeded Paes and Hingis scored a dominating 6-4 6-3 win over fifth seeds Elena Vesnina and Bruno Soares in the quarterfinals of the clay court Major.
Sania and her Croatian partner Ivan Dodig, seeded second, overcame a mid-match lapse to beat the seventh seeded Yung-Jan Chan and Max Mirnyi 6-1 3-6 10-6 in their quarterfinal.
Sania last won a mixed doubles Grand Slam trophy at 2014 US Open with her then partner Soares.
Paes and Hingis, winners of Australian Open, Wimbledon and US OPen in 2015, next face sixth seeds Andrea Hlavackova from Czech Republic and Frenchman Edouard Roger-Vasselin.
If Sania and Paes win their respective semifinals, they will fight for the title. While Paes has nine mixed doubles crowns, Sania has won three in her career.