The Flames batted first, making 124 from their 40 overs, as Jeff Turpin top-scored with 32 not out.
Blake Watts (2-15) and Russell Napier (2-23) did the damage with the ball for Cooma, who at one stage had Kyabram at 4-39.
The visitor required 125 for victory at a run rate of just over three per over but fell just short with 121, as the Flames progressed one step further than last season.
They will face Moama, who reached the grand final across the top two grades after a nail-biting three-wicket win over Echuca.
The Goulburn Murray Cricket B-Goulburn Shield Grand Final will take place at Gunbower Recreation Reserve on Saturday, beginning at 12.30pm.
Bill Williams Murray B-grade shield
Kyabram Fire Brigade will also feature in the Goulburn Murray Cricket B-Murray Shield Grand Final after claiming a narrow 11-run victory over Echuca South.
The Swans sent the Flames in to bat first, and despite the top order performing well with Paul Newman (30) leading the way, Kyabram’s middle and lower order struggled, culminating in a total of 159.
South’s Daniel Stephens took 5-28 in a fine bowling display, yet the Swans batting order couldn’t replicate such highs, with a slow start to the run chase ultimately proving costly.
At one stage 4-53, the Swans only mustered a run rate of 3.7, which was well short of Kyabram’s despite the best efforts of captain Cameron McMullan (35) and Brenden Olivier (35 not out).
The Flames are now gearing up for a meeting with Rochester in the decider after the latter cruised to a 55-run win over Leitchville-Gunbower in the other semi-final.
The Goulburn Murray Cricket B-Murray Shield Grand Final will take place at Bamawm Recreation Reserve on Saturday, beginning at 12.30pm.
Gus Underwood C-grade shield
Girgarre will play Echuca in the Goulburn Murray Cricket C-grade Shield Grand Final after chasing down BLU’s total of 119 to win by five wickets.
BLU were sent in to bat first, and aside from a 51-run fifth wicket partnership between Royce Serpell and Charlie McIntyre, the innings was a struggle, particularly for the middle order.
Girgarre had an equal contribution from its bowling attack, yet its batting performance in the run chase was led by two individuals, Simon Tomasini (38 not out) and vice captain Rhys Febey (41), with the former hitting the winning run in the 35th over.
Echuca meets Girgarre in the decider following a thrilling finish against Rochester that saw it win by five wickets.
The Goulburn Murray Cricket C-grade Shield Grand Final will take place at Echuca South Recreation Reserve on Saturday, beginning at 12.30pm.
Peter Raglus D-grade shield
Echuca will have sides playing in two lower grade grand finals after its D-grade outfit edged past Murchison by 20 runs in the semi-finals.
Echuca made just 81, but sensational bowling performances by Sophie Good (3-8) and Kai Maddox (4-3) totally dismantled the Murchison order, which was all out for a lowly 61.
Facing Echuca in the decider will be Stanhope, who won its semi-final by a similar margin, defeating Kyabram Fire Brigade by 17 runs.
An incredible all-round performance from Jacob Gillie, which saw him make 65 not out and take 4-22, ensured the Flames fell short of the Lions’ total of 140.
The Goulburn Murray Cricket D-grade Shield Grand Final will take place at Brose Recreation Reserve in Tongala on Saturday, beginning at 12.30pm.