Tyrone substitute John McCullagh broke Monaghan hearts with a late point to send his side to the final.
Christopher McGuinness produced a man-of-the-match display for Monaghan, kicking 1-4. But Tyrone found a much wider spread of scores, with Matthew Donnelly their star man.
Keith McEnaney swung over two brilliant points before turning provider on the 14th minute, brilliantly flicking on a high ball to McGuinness, who dispatched the ball to the net.
Five down, Tyrone were rattled but kept their composure to hit four points in a row, including a tremendous individual effort from Donnelly.
But Tyrone were able to pick off the scores in the second half, with Kyle Coney levelling things up before that last-gasp winner from McCullagh.
Scorers -- Tyrone: M Donnelly 0-3, K Coney (1 '45') 0-2, P McNeice (1f), N McKenna, P Harte, J McCullagh, N Sludden, R O'Neill 0-1 each. Monaghan: C McGuinness 1-4 (0-1f), K McEnaney 0-2, P Dooney 0-1.
Tyrone -- N Morgan, R Pickering, R McNamee, F McQuaid, N Sludden, P Harte, T McCann, N McKenna, R Donnelly, P McNeice, S McGuigan, D McNulty, K Coney, M Donnelly, R O'Neill. Subs: C Girvan for McNeice (h-t), R McNabb for McNulty (45), M Slane for Pickering (53), J McCullagh for McGuigan (53)
Monaghan -- R Beggan, C Walshe, F Kelly, E Coyle, S Dooney, K Duffy, D Millar, P Dooney, P O'Hara, P Boyle, D Malone, P O'Hanlon. C McGuinness, K McEnaney, D McKenna. Subs: J McCarron fo McEnaney (45), K Mooney for Millar (50), M Hanratty for S Dooney (57).
Ref -- F Cleary (Fermanagh).