Konta displayed nerves of steel in her pulsating 6-7 (2/7), 7-6 (7/5), 6-4 quarter-final victory over world number two Simona Halep on Tuesday.
The 26-year-old is the first British woman to make the Wimbledon semi-finals since Virginia Wade in 1978 and a victory over five-time champion Williams would make her the first Briton into the women's final at the All England Club since Wade won the title in 1977.
Now a resident of the sleepy seaside town of Eastbourne, the historic significance of her Wimbledon run, and the crowd's reaction to it, has been an eye-opener for Konta, who until this fortnight could have walked unrecognised down any street in the country.
"I've dreamed of success in every slam but I think it makes it more special because it is home," said Konta, who was ranked outside the top 150 only two years ago.
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"In terms of the home support, I feel very excited and very humbled by it.
"When you get a massive crowd of people cheering, making that sort of noise in a stadium, you do get goosebumps."
Having fallen in love with tennis when she was a young girl watching Venus and sister Serena dominate Wimbledon, it is fitting that Konta will have to vanquish her to reach the final.
"I think what Venus and her sister have given our sport is absolutely tremendous," Konta said.
Having won three of their five meetings, Konta, who has never made a Grand Slam final, has no reason to fear the world number 11, but Venus took the spoils the last time they clashed in Rome.
"She got the better of me the last time we played, so I'm really looking forward to playing her," Konta said.
- Beautiful game -
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At an age when all of her contemporaries have long since retired, Venus is still going strong and, in her 20th Wimbledon, she is on the verge of an historic achievement the equal of Konta's potential milestone.
That would be an especially sweet moment for Venus, who has had to deal with a debilitating autoimmune disease for years, as well as her accidental involvement in a tragic car crash that killed an elderly man in Florida last month.
In fine form after dismissing a series of opponents almost half her age, including French Open champion Jelena Ostapenko in the last eight, Venus is hoping to reach her first Wimbledon final since 2009, a year after she won at the All England Club for the most recent of her seven Grand Slam titles.
"I still feel quite capable, to be honest, and powerful. So whatever age that is, as long as I feel like that, then I know that I can contend for titles every time."
In the other semi-final, former French Open champion Garbine Muguruza faces Slovakian world number 87 Magdalena Rybarikova.
Muguruza has unfinished business at Wimbledon after losing the 2015 final against Serena, while Rybarikova is the tournament's lowest ranked semi-finalist since 2008.