The second seed Indo-Croat pair overcame a mid-match lapse to beat the seventh seeded Yung-Jan Chan and Max Mirnyi 6-1 3-6 10-6 in the quarterfinal contest.
Sania last won a mixed doubles Grand Slam trophy at 2014 US Open with Brazilian partner Bruno Soares.
They next face third seeds and local favourites Kristina Mladenovic and Pierre-Hugues Herbert, who got the better of American eighth seeds Bob Bryan and Coco Vandeweghe 2-6 6-2 13-11 in their quarterfinal match.
If Paes and Hingis win today, one more win each for both the Indians will ensure that they will fight for the title.