Dan McNamara’s side secured their passage to the final four of the competition following wins over Northampton, Brighouse, Durham and Huddersfield.
Destiney Toussaint scored a dramatic extra-time winner against the Terriers in the quarter-final after relatively straightforward victories in the previous rounds.
The semi-final date with Watford will bring back fond memories for the old gold, who produced a memorable FA Cup display over Sunday’s opponents in April 2021.
Wolves reached the fourth round with an emphatic 4-1 success against the Hornets who, at the time, sat top of the tier above them in the women’s pyramid.
Managed by Damon Lathrope, Watford are currently placed third in the Southern Premier Division of the National League system.
Tickets for Sunday’s tie at Wealdstone’s Grosvenor Vale are priced at just £5 for adults and £3 for concessions.
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Head coach, Dan McNamara, said: “We’re really excited. It’s a semi-final. We challenged the girls to get to a semi-final and now we want to go one further. We know Watford are going to be a great side, they dropped out the Championship last year and they’ve managed to keep a hold of a core group of their girls.
“Us travelling down there, we’re not going to be the favourites for the game, but we look forward to it. We want to be playing the best sides and it’ll give us a marker of where we’re at against a southern team and ultimately we want to make memories and hopefully we can make another at Watford and lead onto a final nicely at the end of the season.
“We’re going to have to be on it, prepare well and switch on and make sure we’re ready for a battle.”