Wasps booked their place in next month's Powergen Cup final after goalkicker Jeremy Staunton and try-scorer Ayoola Erinle stung Leicester at the Millennium Stadium.
Fly-half Staunton booted 17 points, while Erinle - who only started the game when full-back Mark Van Gisbergen was a late withdrawal through injury - touched down six minutes from time.
The margin of defeat was rough justice on Leicester, who claimed tries either side of half-time from wing Tom Varndell and centre Leon Lloyd before centre Dan Hipkiss touched down late in the action.
But fly-half Andy Goode missed three kicks at goal, whereas Staunton landed six from seven and secured Wasps an April 9 Twickenham appointment with Bath or Llanelli Scarlets.
And Erinle's clincher was the direct result of a shocking pass from Goode to full-back Sam Vesty that bounced off Vesty's chest and set up the decisive 50-metre Wasps counter-attack.
All pre-match hype had been about the showdown between England number eight rivals Martin Corry and Lawrence Dallaglio, yet neither player really shone in a match that fell well short of last season's Heineken Cup classics between the clubs.
Leicester dominated the set-scrums, but Wasps had arguably the game's most accomplished performer in lock Simon Shaw, whose performance must strongly push his claims for an England starting berth against France tomorrow week.
Hooker Raphael Ibanez was not far behind Shaw in the work-rate stakes, and although Leicester huffed and puffed in securing a 3-1 try count, victory eluded them.
Leicester made an intriguing back-row switch, moving England captain Corry from number eight to blindside flanker, which averted a head-to-head with Wasps skipper Dallaglio.
Wasps, meanwhile, were dealt a late blow when Van Gisbergen suffered a back spasm and was replaced at full-back by England's Tom Voyce, allowing Erinle an unexpected start on the wing.
Despite the loss of Van Gisbergen, Wasps settled quickly and moved 6-0 ahead after 11 minutes through two Staunton penalties,
Both sides struggled for fluency in midfield, with errors abounding, but Staunton's accuracy saw him complete a penalty hat-trick inside 30 minutes following a wrestling match between Dallaglio and Tigers scrum-half Austin Healey.
Leicester were dangerous when they attacked from deep, and they unlocked Wasps through a high-class move seven minutes before the break.
Healey's well-placed kick tested the Wasps defence, and after Lloyd beat Josh Lewsey to a fingertip touch, Varndell effortlessly skipped his way around Voyce as Leicester finally announced their arrival.
Goode made a hash of the conversion though, and Staunton's fourth successful penalty - after Healey was punished for a high tackle on Voyce - restored a healthy Wasps advantage.
Wasps' creaking scrum became more evident as half-time approached, and although Leicester trailed by seven points at the interval, their growing set-piece dominance suggested better things for them after the break.
Leicester'sforwards began the second period by driving deep into Wasps territory, and the Londoners were fortunate to escape conceding a penalty - and possibly a yellow card - when Staunton's deliberate knock-on halted Tigers' progress.
Leicester continued to exert alarming pressure from a Wasps perspective at the scrums, with England tighthead Julian White performing a wrecking job on opposite number Alistair McKenzie, and a second try duly arrived.
Healey's sharp break into the heart of Wasps defensive territory created enough space for Geordan Murphy to send Lloyd over, and despite Goode's conversion attempt hitting an upright, Dallaglio and company were firmly on the back foot.
McKenzie limped out of the action on 50 minutes to be replaced by Jon Dawson, and Wasps briefly reclaimed territory deep inside Leicester's half, with Staunton booting a fifth penalty after Tigers drifted offside.
Staunton's strike lifted Wasps' confidence levels, and Leicester boss Pat Howard sought fresh impetus through the 64th-minute substitution of an impressive Healey as he sent on England scrum-half Harry Ellis.
Wasps then lost centre Stuart Abbott with what appeared to be a recurrence of calf muscle trouble, while Matt Dawson took over from scrum-half Eoin Reddan as the game entered its closing stages.
Leicester laid siege to the Wasps 22 as they went for broke, yet their hard work backfired spectacularly through the Goode/Vesty blunder, and Erinle's breakaway score kept Wasps firmly on course for a domestic league and cup double, despite a Hipkiss consolation effort.