Bemowski advanced to the final with a 4-and-3 win over Alan Foster, while Reynolds also was victorious by the same score over Michael Walters.
Earlier in the day, Bemowski won his quarterfinal match against Martin West by a 2-and-1 score, while Reynolds beat Jack Vardaman, 3 and 2.
These two also met in the final of the 2002 USGA Senior Amateur at Timuquana Country Club in Jacksonville, Fla., and Reynolds won the championship with a 4-and-3 victory.
'It's incredible,' said Bemowski about the rematch. 'From the day I walked off that course in Florida, I've dreamt about having a rematch with Greg. We've become good friends and we've even talked about it and here it is. It's just amazing that it would happen. How many times do you get another chance?'
The final round will be an 18-hole match that will take place on Thursday.
The Senior Amateur is one of 13 national championships conducted annually by the United States Golf Association, 10 of which are strictly for amateurs.