The Raiders headed to the University Arena with an 18-point advantage, having won the first leg at the Pavilions 96-78.
But they saw that advantage wiped out inside the first 15 minutes by a fired-up Wolves side.
However, Raiders did not panic and did what they needed to do to triumph 179-168 on aggregate and book their place in the final in Glasgow on March 19, where they will play either Leicester Riders or Cheshire Phoenix.
Donte Nicholas and Cory Dixon combined for 45 points for the Raiders on Friday, while Trevor Setty had a game-high 26 points in an inspired display for the Wolves against his former club.
Worcester made a strong start and moved ahead by 11 on the night, with Setty impressing at both ends, whilst netting back-to-back threes.
Jermel Kennedy connected with his second as the Wolves finished the first quarter up by 11. They then pulled the tie level on aggregate with an 11-2 run.
The visitors, though, responded with a 10-0 run as Rhys Carter came up with a couple of big triples with Worcester hindered by foul trouble, although they did lead by nine on the night at the break.
Wolves started the third with an 8-0 run to move back ahead by 17, but Nicholas hit back with two threes as the visitors kept their overall lead intact.
Carter threw an impressive half-court alley-oop, finished by Dixon, then knocked down a three to spark Plymouth as they levelled on the night with a 13-2 run to start the fourth period.
The Wolves refused to give in a 13-2 run of their own made it 87-76 inside the final two minutes, but it was not enough for them.
Raiders return to action on Sunday when they travel to Glasgow Rocks in the BBL Championship.