The season's first Grand Slam has been a love-hate affair for the Chinese star, a popular figure at Melbourne Park who has twice made the final without being able to lift the trophy.
But ongoing improvement under coach Carlos Rodriguez has put Li, who turns 32 next month, in a strong position to make the trophy hers.
Li, currently ranked fourth in the world, ended 2013 at a career-high three following her runner-up finish to Serena Williams at the season-ending WTA Championships.
After the traditional break for Australia Day fireworks, Li went down again in the third set, smashing the back of her head on the court and briefly blacking out.
"I think I was a little bit worried when I fell down and my head hit the floor, because for two seconds I couldn't really see anything. It was totally black," she said at the time.
"So when the physio came, she was like, 'Focus on my finger'. I started laughing.