A 15th minute goal gave the visitors a lead they never relinquished. A second moments before the interval was a huge blow to the hosts.
After Limerick pair Kieran O’Callaghan and John Bourke traded scores with Ronan Cahill and John Coffey, Waterford took control when Mitchell Casey netted after fielding a long delivery.
O’Callaghan sent over another two frees either side of points from Paul Power and David Power before the latter’s injury-time goal gave Waterford a 2-4 to 0-4 interval lead.
Mark O’Sullivan’s goal lifted Limerick hopes but the two Powers responded to ease Waterford worries. Scores from Derry O’Connor and O’Callaghan brought Limerick within two but Waterford finished in style to ease into the last four.
Scorers for Waterford: D Power 1-2, M Casey 1-1, G Crotty 0-3, P Power 0-2, E Hogan 0-2 (1f), R Cahill 0-1, J Coffey 0-1, R Hennessy 0-1.
Scorers for Limerick: K O’Callaghan 0-5 (4f), D O’Connor 0-3, M O’Sullivan 1-0, J Bourke 0-2.
WATERFORD: P Houlihan; J Walsh, D Prendergast, G Dunphy; A O’Loughlin, E Rockett, R Hennessy; M O’Gorman, P Lynch; P Power, R Cahill, D Power; Edmond Hogan, M Casey, J Coffey.
Subs: G Crotty for M O’Gorman (h-t), S Lannon for A O’Loughlin (38), K Sheehan for P Lynch (52), D Wall for P Power (58), K Buckley for M Casey (60).
LIMERICK: J Brouder; M O’Keeffe, S Browne, A O’Sullivan; P Sheehan, S Nix, J Bourke; B O’Brien, T Cahill; K O’Connor, M Quilligan, T McMahon; S Cronin, K O’Callaghan, D O’Connor.
Subs: M O’Sullivan for S Cronin (23), B O’Sullivan for T McMahon (28), G Noonan for T Cahill (38).
Referee: J Lynch (Kerry).