Three-time finalist Wright, who knocked Sherrock out at the quarter-final stage last year, was a comfortable winner in their Group E match.
Sherrock, who booked her place in the tournament by winning the inaugural Women's Matchplay in July, won the third leg to trail 2-1.
But the 28-year-old from Milton Keynes was punished for several misses as Wright restored his two-leg advantage before closing out the win.
The reigning world champion will face Alan Soutar on Sunday after the Scot produced a 145-checkout in the final leg to upset Group E rival Nathan Aspinall 5-4.
Michael van Gerwen made a flying start in Group G, averaging 101.58 and landing 83 per cent of his doubles to beat Nathan Rafferty 5-2.
Luke Woodhouse secured his maiden tournament win by overcoming European champion and Group G rival Ross Smith 5-4.
In Group H, Ryan Searle clinched a deciding-leg 5-4 win against Josh Rock and Jermaine Wattimena was a clinical 5-2 winner against Group F rival Damon Heta.
Luke Humphries secured his 5-2 win over Scott Williams in Group H with a 121-checkout, finishing on the bull, while Wales' Jonny Clayton whitewashed 51-year-old American debutant and Group F opponent Leonard Gates 5-0.