The 27-year-old had become the first woman in the tournament’s history to advance out of the group stage
Sherrock had become the first woman in the tournament’s history to advance out of the group stage after defeating Gabriel Clemens 5-3, clinching the match with a memorable 170 checkout.
The 27-year-old then put in another impressive showing to breeze past Mensur Suljiovic 10-5 on Thursday to set up a showdown with world number two Wright.
Sherrock did not disappoint, hitting a 101 finish to take a 3-1 lead with the first break of the match.
But Wright, playing some of his best darts of the week, took four legs on the spin before Sherrock missed double top for 7-7.
A 13-dart leg from Sherrock pulled her back to trail just 14-13 but despite averaging over 100 for most of the match, she was unable to reel Wright in and went down 16-13.
“I’m so proud of myself. I’m absolutely knackered but I tried my best, Peter is amazing,” Sherrock told Sky Sports. “This week has been incredible, I couldn’t have asked for a better week.”
Wright will face Michael Smith who shocked third seed Michael Van Gerwen 16-13, in the semi-finals.