Englishman Jonny Wilkinson kicked all of the ‘Rouges and Noirs‘ points with a perfect seven from seven the tee and a majestic drop-goal.
They will now meet Clermont in Dublin in three weeks with both side looking to claim their maiden European crown.
Winger Alexis Palisson, above, was the only player to break the aggressive Saracens defensive line but Toulon earned their success with their power up front and the likes of Chris Masoe, Juan Martin Fernandez Lobbe and Andrew Sheridan.
They put the 2011 Premiership champions under huge pressure at the breakdown to earn penalties and see Wilkinson take care of the scoreboard.
Saracens lived up with the Toulon physicality in the first half but it paid its toll in the second.
They were handed a life-line with Danie Rossouw sent to the bin but wasted a couple of opportunities with Owen Farrell and Joel Tomkins throwing a forward pass with an overlap out wide.
Sarries got on the scoreboard first though with Farrell kicking a penalty given for a high tackle from Rossouw on Mako Vunipola.
From the restart, Matt Stevens joined the ruck from the side and Wilkinson leveled the score from the right touchline.
Toulon started to bring their big ball carriers into the game and the scrum earned a penalty to see Wilkinson put the French in front.
Palisson carved the Saracens defence soon after and, when Farrell tackled him late after his chip kick, Wilkinson doubled the lead with another penalty
Soon after, Masoe peeled off the scrum too early and Farrell reduced the gap from 40 metres out but Wilkinson restored the six-point lead straight away as Sarries sealed off the ball at the breakdown.
Farrell was on target again following Kelly Brown superb work at the breakdown on Mathieu Bastareaud.
The current England fly-half had the opportunity to level the score just before the break but he was wide from 50 yards to see Saracens trail by three at half-time.
The Toulon front row earned another penalty at the scrum and Wilkinson kicked the French side further ahead.
Rossouw’s second high tackle on Vunipola saw him sent to the bin and Farrell kicked the resulting penalty to put Saracens right back into the game.
Despite being one man down, Toulon were next on the scoreboard as Wilkinson kicked his sixth penalty of the game from inside his own half.
The game was still up for grabs though but, after Saracens missed their chances, Wilkinson kicked a drop goal to seal the win the French before converting his seventh and final penalty of the game.
For Saracens
Penalties: Farrell 4
For Toulon
Penalties: Wilkinson 7
Drop goal: Wilkinson
Sin bin: Rossouw
Saracens: Goode; Ashton, Tomkins, Barritt, Strettle; Farrell, Wigglesworth; Vunipola, Brits, Stevens; Borthwick (Capt.), Hargreaves; Wray, Brown, Joubert.
Replacements: Smit, Gill, Nieto, Botha, Kruis, De Kock, Hodgson, Wyles.
Toulon: D. Armitage; Wulf, Bastareaud, Giteau, Palisson; Wilkinson (Capt.), Tillous-Borde; Sheridan, Bruno, Hayman; Botha, Kennedy; Rossouw, Fernandez-Lobbe, Masoe.
Replacements: Orioli, Jenkins, Bubriashvili, Van Niekerk, S. Armitage, Mermoz, Durand, Suta.
Referee: Allain Rolland (Ireland)
Star man: Jonny Wilkinson – Toulon
NICK VERDIER