The world's number one batter helped her side to an eight-wicket victory over India in the group stages before being sidelined with a shoulder injury.
The winners of Thursday's match will face England in the final at Lord's on Sunday after the tournament hosts beat South Africa in Bristol.
Reigning champions Australia are aiming for a seventh World Cup title.
Lanning, 25, did not feature in her side's victory over Pakistan.
She returned against India to score an unbeaten 88 but was then ruled out of their final pool match against South Africa.
The skipper has scored 328 runs in five innings, including an unbeaten 152 against Sri Lanka.
Lanning trained away from the rest of her team on Wednesday, taking part in a light session with head coach Matthew Mott.
Australia have won six of their seven matches in this year's tournament, with their only defeat coming against England in the group stage as they finished behind the hosts on net run rate.
The three-run defeat was their first loss to England at a World Cup in 24 years.
India are the only side to have beaten England in this year's competition, winning by 35 runs on the opening day of the tournament.
And the County Ground has been a good venue for Mithali Raj's side - her team have won all four of their games in Derby.
India's record against Australia does not make for easy reading - they have won just eight of the 42 encounters between the two sides.
They lost to Australia in the 2005 final in South Africa, and were also beaten by eight wickets in the group stages of this year's tournament.
Australia came out on top when the two sides met at Bristol as Lanning and Ellyse Perry both made unbeaten half-centuries.
Perry recorded her fifth half-century of the tournament and is the second-top run scorer, behind England's Tammy Beaumont, with 366 runs at an average of 91.50.
Australia captain Meg Lanning is an injury doubt for Thursday's World Cup semi-final against India in Derby.