The match was tied 4-4 in the regular time.
Defending champion Austria will play the Netherlands in the gold medal match in Pretoria, South Africa.
Iran was defeated against Argentina 5-4 in Pool B in its opening match and defeated the US 8-3 and Australia 6-4 in its following matches.
Team Melli was also held against South Africa (4-4) and Czech Republic (8-8) in the group but advanced to the quarter-finals as the second team.
Iran beat Belgium 5-4 in penalty shootout on Friday to book its place in the semi-finals but lost to Austria 8-3 in this round.