VidSport Live Cup holders Rangers will face Celtic in this season's semi-finals while Hibs will play Aberdeen.
Jo Potter's side - who are currently second in the SWPL - reached the last four with an emphatic 8-1 win away to Motherwell, while Celtic beat Glasgow City on penalties and hope to lift the trophy for the first time since 2021/22
Hibernian, who have won the trophy a record seven times, beat last season's finalists Partick Thistle 4-1 in the quarter-finals.
Aberdeen - the lowest-ranked side remaining in the competition - won 3-1 at Boroughmuir Thistle
The two ties will be played on or before January 19, with the final on March 22/23.
Scotland goalkeeper Craig Gordon and former women's number one Gemma Fay carried out the draw at Hampden Park.
Fay told VidSport Live: "The Old Firm both want to have their hands on this cup, so a very exciting tie to look forward to.
"There's not been much to choose between these two teams in the last few years and it's another opportunity for everybody to get an opportunity to see those players thrash it out on the pitch for a place in the final.
"Aberdeen have got Scott Booth back up there. He knows how to win things and they've got an opportunity to fight their way into a cup final, so that's all the motivation they need.
"Hibs have definitely improved this year. Consistency was the thing that's been missing from them and they seem to have been putting that together, so they'll fancy their chances big time.
"It's absolutely a marker early in the season. It's an opportunity to get one up on your opponents in that league title race, psychologically as well.
"To be able to bank some silverware early in the season really sets your platform for that run-in towards the end of the season for the league and for the Scottish Cup as well."
What are the key dates for the 2024/25 SWPL season?
SWPL 1 winter break - December 23 to January 12, 2025 SWPL 2 winter break - December 16 to January 4, 2025 Final pre-split fixtures - March 2, 2025 Final round of matches - May 18, 2025 Play-off finals - May 22/23, 2025 VidSport Live Cup final - March 22 or 23, 2025
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