New Zealand, who finished last in Beijing without winning a match, came close to a tournament upset by holding the Dutch to a 2-2 draw after extra time, having twice taken the lead.
In the final on Friday the Netherlands will face either hosts Britain or world champions Argentina, who meet in the second semi-final at 1900 GMT on Wednesday.
"I don't care who we play. If it's GB, good for them. I'll get energy from their cheering home crowd too. I'd love that," said Netherlands' Naomi van As, who took the first penalty.
Wednesday's incident-packed game included a serious-looking injury to Kiwi forward Katie Glynn who was accidentally whacked on the head as Hoog tried to shoot on goal. Glynn fell to the ground and, blood dripping down her face, was led off the field.
She returned to play in the second half, her head heavily bandaged, having received what she described as "a couple of stitches and staples" to a scalp wound.
"We're so disappointed with how it ended but we've got to pull ourselves up now for the bronze game," said a teary-eyed Glynn. Asked about her injury, she said she was feeling dizzy but "well, that's all part of the game."
London's Olympic Games have been unusually hazardous for hockey players in a sport where most body contact is penalised but the small and fast-travelling ball and stick contact can cause brutal injuries.
Spain's men, Beijing silver medallists, lost two key players to injury - a broken arm and a dislocated shoulder.
Britain's skipper Kate Walsh broke her jaw in their opening match while team mate Anne Panter had 20 stitches to her upper lip having been hit by a ball.
New Zealand, first-timers in an Olympic medal round, struck first with a seventh minute penalty corner shot that skipper Kayla Sharland smacked across the line.
But just before halftime, Maartje Paumen equalised through a penalty corner combination for the Netherlands, who had not dropped a point in the tournament.
Netherlands skipper Paumen netted 11 goals in Beijing but had not scored before the semi-final in London.
However, the Kiwis then went back into the lead, splitting the Dutch defence with three long passes from the halfway line that found Krystal Forgesson unmarked in the circle and she swept the ball past the Dutch goalkeeper's legs for a 2-1 lead.
Paumen then equalised again with a penalty corner flick. "I have great confidence in my corners. I did nothing differently to the previous days," she said.
After a goalless extra time - two lots of 7-1/2 minutes with a golden goal rule - five players from each team had eight seconds to enter the circle and put the ball past the keeper in the penalty shootout, an Olympic novelty in London.
Dutch goalkeeper Joyce Sombroek pulled off three penalty saves to set up Hoog to secure the Netherlands a third successive Olympic final berth.
New Zealand coach Mark Hager said his side had not practised the new shootouts enough since the switch from penalty strokes, taken from a seven metre distance.
"In the end the shootouts cost us. We didn't practise it enough. That's my fault," Hager said.
"Even though I'm really proud of the girls, I'm also gutted we missed an opportunity to be in the match for gold."