 Alan Tate scored Swansea's final penalty |
*Swansea win 6-5 on penaltiesWalsall twice came from behind before crashing out 6-5 on penalties to Swansea, who booked their place in the LDV Vans Trophy Southern Section final.
Leon Knight gave Swansea the lead - hooking home after eight minutes - and then he had another disallowed.
Alex Nicholls levelled and after Andy Robinson put the hosts ahead again James Constable equalised once more.
With extra-time unable to separate the sides, Graham Deakin's miss sent the Swans through after sudden-death kicks.
The Welsh side now play Colchester home and away in the Southern Section final at the end of February and beginning of March.
The winners of that encounter will play either Carlisle or Macclesfield in the final at the Millennium Stadium in April.
Swansea: Gueret, Ricketts, Austin, Tate, Monk, Martinez, Britton (Forbes 68), McLeod (Way 21), Robinson, Knight, Trundle (Akinfenwa 90).
Subs Not Used: Murphy, Watt.
Booked: Trundle.
Goals: Knight 8, Robinson 83.
Walsall: Oakes, Pead, Fox, Gerrard, Westwood, Standing, Wright, Smith, Nicholls, McDermott (Deakin 108), Demontagnac (Constable 67).
Subs Not Used: Dann, Gilmartin, Bradley.
Booked: Pead, Standing, Smith.
Goals: Nicholls 69, Constable 85.
Swansea win 6-5 on penalties.
Att: 6,670.
Ref: M Jones (W Yorkshire).