It was actually Walden who took the lead early on, with the 39-year-old taking the opening frame with a break of 69.
He looked set to add to his lead in the second frame too, but for a crucial slip up on the pink, which allowed Hawkins to clear up and level the score.
With momentum behind him, 'The Hawk' went on to win a further two frames to build a 3-1 lead, before Walden replied with a contribution of 54 to reduce the deficit.
But Hawkins, who won the Players Championship in 2013/14, took the final three frames to secure a 6-2 victory and book his spot in the final.
In what was an error-strewn match, the left-handed Hawkins simply took more opportunities than his opponent, and successive breaks of 115, 61 and 75 in the final three frames was enough to get him over the line.
Following the match, Hawkins acknowledged how difficult he found the match-up, and referenced the second frame as the turning point.
"It was very difficult at the start of the match, Ricky started off well and looked confident and it was a massive turning point in the second frame," said Hawkins.
"I made a good little clearance and it put him out of his rhythm a little bit and he struggled from then on."
Hawkins will now face the winner of Jimmy Robertson and Neil Robertson's semi-final, scheduled to take place on Saturday evening.