Van Gerwen produced a tournament-record average on his way to a 6-2 win over fellow Dutchman Raymond van Barneveld in the semi-finals.
The duo maintained their usual high standards throughout, with 'Mighty Mike' racking up a record average of 114.05 for the event in a semi-final that produced 29 maximums.
Anderson stayed on course to retain his title by beating Peter Wright 6-3 to reach his third successive final.
The Flying Scotsman rocketed out of the blocks, winning five straight legs to kick off the contest as he stormed into a two-set lead in the best-of-11 match - which included a 127 checkout.
World number two Anderson, won the event in 2015 and 2016 and will attempt to become only the third man, after Phil Taylor and Eric Bristow, to win three successive world titles in either the PDC or BDO tournaments.
The winner of the competition will bank 623 thousand dollars.