The US has not lost a game at the Olympics since 1992, notching 58 consecutive wins, 56 of those by double figures.
Spain play Belgium and France meet Germany on the other side of the draw.
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Australia led the US at half-time in their London 2012 semifinal before losing by 13 points, eventually settling for bronze.
That was the last of five consecutive Games minor medals for Australia, who were upset by Serbia and flogged by the US after poor Rio and Tokyo campaigns in 2016 and 2021 respectively.
But this time the Opals, behind evergreen point guard Sami Whitcomb and an array of contributors, are running hot following a shock opening loss to Nigeria.
Wednesday's victory was comprehensive at both ends, with tremendous defensive pressure complemented by methodical offence and sensible shooting.
Whitcomb, an Olympic rookie at 36, has been central to that form surge, the architect on offence finishing with 15 points, four assists, three steals and just one turnover on Wednesday.
She made two timely three-pointers in the third quarter to swell the lead beyond 20, while earlier their team defence led to five stops towards the end of the half snuffed out Serbia's run just as they'd reduced the margin to single figures.
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