Third seed Murray beat Czech eighth seed Tomas Berdych 6-4 6-4 to reach the final for a fourth time.
The 27-year-old Scot, who reached 500 career wins this week, won the title in 2009 and 2013.
Defending champion Djokovic overcame USA's John Isner 7-6 (7-3) 6-2 to set up a meeting with Murray, whom he beat in Indian Wells last week.
Murray's convincing victory, in which he broke Berdych's serve four times, took his career record against him to 6-6.
"I did most things well; there's not a lot I could complain about," said Murray.
"My second serve was much better in the second set. I served well on the big points and got a lot of free points behind my serve.
"I've played well this week, much better than I did at Indian Wells."
The match was a repeat of the Australian Open clash in January, which Murray won in four tense sets as he went up against Berdych and former coach Dani Vallverdu.
There was another familiar face in the Berdych box in Miami after fitness coach Jez Green recently began working with the Czech, having left Murray's team along with Vallverdu last November.
In contrast to Melbourne, Murray made the sharper start on Saturday, breaking the Berdych serve either side of dropping his own.
Berdych looked unsettled, complaining about the balls and a line call as Murray saw out the set by making an impressive 77% of first serves.
A confident Murray broke to love early in the second set, but two double faults gave the advantage straight back.
Both men were stepping in and attacking returns at every opportunity, and Murray's strength in that area proved the difference when he broke Berdych for a fourth time.
He almost clinched victory with a fifth break and had to recover from 0-30 to serve it out.
Although the first set against Isner went to a tie-break, Djokovic never faced a break point as he won in an hour and a half.
"I played a terrific match," said Djokovic, who has won the Miami title four times.
"The opening set was pretty close. His resistance wilted a bit in the second set.
"Andy has been playing so well this year. He lives here and spends a lot of time practising on these courts, so he's familiar with the conditions."

The Argentina and Barcelona forward was punished for directing "insulting words" at an assistant referee in Thursday's 1-0 win over Chile.
Messi, who scored the only goal in the qualifier, was angered when he was flagged for a foul, waving and shouting at the assistant in response.
The 29-year-old was also fined £8,100.
He will miss his country's next four competitive fixtures.
Argentina are third in South American qualifying, with the top four teams advancing to next summer's finals in Russia. There are five matches still to play.
Britain's Andy Murray will face world number one Novak Djokovic in the final of the Miami Open on Sunday.
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Lionel Messi has been banned for four international matches - just five and a half hours before Argentina's World Cup qualifier against Bolivia kicks off.