Australia’s Stingers have defied all the odds to dethrone three-time defending women’s water polo champions USA in a dramatic penalty shoot out and surge into the Olympic gold-medal match in Paris.

Captain Zoe Arancini’s side turned the tables on the world champs who’d outplayed them in a three-match series in April, scoring an historic, nail-biting 14-13 triumph on Thursday at La Defense Arena.

The famous win makes them the first Australian women’s side to reach the final since the class of 2000 won the inaugural water polo event in Sydney - and they’re guaranteed their first medal since winning bronze in 2012.

In the final, they’ll meet Spain, who beat the Netherlands 19-18 in another shoot-out game that had finished 14-all in regulation.

The Australians prevailed after the match finished 8-8 at fulltime and their shootout hero was goalie Gabriella Palm, who made the match-winning save from Maddie Musselman, when the Aussies led 6-5 in sudden-death.

It prompted emotional, tearful scenes as the Stingers celebrated the triumph wildly in front of a packed 15,000-strong arena.

“When we beat the US in that final in Sydney 2000, it was epic. I was a kid there watching, and it really inspired Australia and Australians to play water polo. I was one of them,” said Bec Rippon, who took over as their first female coach last year.

“We’ve wanted to relive that and bring that back to Australia. We’re really proud.”

To a woman, they were inspirational, especially after slumping 5-2 behind just before halftime.

But two players stood out.

Southpaw Abby Andrews’ four thunderbolt goals in the third period transformed the game while Palm, daughter of former Wallabies international Mitchell Palm, was, as Andrews put it, “our brick wall” with outstanding saves.

Rippon continued her tactics of switching goalies in shootouts, with Palm and Genevieve Longman both having a turn to stop the American penalty takers from five metres out.

Palm was reintroduced with perfect timing, Musselman shooting low to her right as the 26-year-old from Brisbane instinctively deflected it wide.

“I realised I’d saved it, but then it was like, a slow-motion wait - I’d saved it, but what does this mean? Then it was just like incredible. I was freaking lassooing!” Palm laughed.

Her greatest sporting moment?

“Are you kidding me? Like, winning a semi-final against a three-time Olympic champions?

“It’s really special. We’ve got such an incredible history and legacy as the Stingers and it’s been a while since we’ve been in a gold medal chance.”

She even outdid her US counterpart Ashleigh Johnson, widely considered to be the world’s best ‘keeper, as the Stingers’ stingy defence suffocated the champions.

Andrews decided to test out Johnson in the third period.

“We knew we had girls in foul trouble but we believed in our systems and started taking shots, because why the hell not? And they worked,” she said.

“Early on in that quarter, I looked up and didn’t think she (Johnson) was honouring me fully. So I took a shot and it went in - and then I did that a few more times, and they all went in!”

As well as her quadruple, the Aussies netted through Charlize Andrews, Arancini and a key brace for Bronte Halligan, daughter of Kiwi NRL legend Daryl Halligan, which dragged them back from 8-6 to 8-8 with three minutes left.

The Americans twice came close to winning it by hitting the goal frame in the dying seconds before, amid a feverish atmosphere, it came down to penalties - and for the third time in Paris, the Stingers prevailed.

Now, something must give in the final, with both Australia and the Spanish being undefeated.

“As much as this has been an incredible game, we’ve just been building game by game, and I’m so excited to play the Spanish,” said Palm.

“They’ve got some really strong shooters and centre forwards but so do we - it will make for a really good final.”