The 2022 winner from Kazakhstan broke the Ukrainian 21st seed four times in a match lasting just 61 minutes on Centre Court.
Rybakina was broken in the first game in front of the watching Queen Camilla but hit back straight away and barely put a foot wrong after that.
"It's always tough to play against Elina, she's a great player, great fighter. No matter the score, it is not as easy as it might look like," she said.
"Of course I have such amazing memories from 2022 and I'm just enjoying every time I step on the court, especially when I play good. It's just really amazing."
Rybakina, the highest-ranking player left in the women's draw, said she did not like to be labelled as the favourite, adding: "I have an aggressive style of game, I have a huge serve so it's a big advantage."
The 25-year-old Russian-born player crunched 28 winners to Svitolina's eight, including seven aces.
Czech player Krejcikova beat Latvia's Jelena Ostapenko in straight sets in a battle between former French Open champions in the other semi-final.
