Jankovic wasted three break points at 1-1 in the last set before Mauresmo seized her chance in the next game, hitting a forehand winner across court for a 3-1 lead.
"She saved a lot of game points, especially in the third set,'' Jankovic said. "I had a lot of break points to go up 2-1 and she hit a lot of great first serves, which I didn't have a chance to do anything with. She did well in those tough moments.''
Mauresmo converted her third match point on a backhand from Jankovic that went long.
In the opening set, Mauresmo took Jankovic's serve for a 3-1 lead and saved a break point at 4-2 with a forehand that caught the tape.
Jankovic then handed Mauresmo the first set with a forehand that went long.
But the third-ranked Serb fought back, winning the next six games to clinch the second set on a forehand error from Mauresmo.
"I had a drop in form in the second set and she was more aggressive,'' Mauresmo said. "But I didn't panic. I knew I would have opportunities on her service games.''
Mauresmo, ranked No. 24, will be looking to win the tournament for the third time on Sunday.
Meanwhile, Williams said she hurt her knee during Friday's match against Emilie Loit and was in too much pain to attempt to play, letting the fourth-ranked Dementieva reach the final for the first time in eight appearances at the tournament.
"It's just unfortunate we couldn't play,'' Dementieva said. "I feel sorry for her. This is not the way you want to be in the final.''
Williams, who won the Open GDF Suez in 1999 and 2003, said her injury may be the result of playing too much.
"My left knee always hurts, but this time it's my right knee,'' the American said. "When I woke up this morning, it wasn't feeling good. I wasn't moving well at all in practice. It was just really no chance.
"I've been playing a lot of tennis. Maybe it's just a sign that I need to take a day off or two and get ready for the next event,'' said the Australian Open winner, who is set to play in the Dubai Championships next week.
"I'm gonna make the effort to play and be there,'' Williams said. "I just think I'll be OK. I just have to make sure it stays strong.''
Kanoute Wins It For Sevilla At Espanyol
Serena withdraws; Mauresmo, Dementieva in final
