Peel will face St. George's in Sunday's Hospital Cup Final.
The westerners beat St. John's 2-0 in the semi-final at Douglas Road after extra-time.
Island international Lee Gale scored the first before Calum Gallagher netted to seal the Sunset City side's place in the final of a competition they have won 17 times in history.
They are now the last team left who can deny Geordies the Grand Slam of all four major trophies in Manx Football.
Foxdale have clinched the last remaining place in Division Two's Paul Henry Gold Cup semi-finals.
The Billygoat Park men finish the season in fourth place after a 5-2 win at Douglas Royal.
Their scorers were Michael Cawte, Jack Smith, Matty Venables, Willie Woods and Stuart Morrison.
The other teams in the last four are Champions Union Mills, promoted Marown and Onchan - the draw will be made on Manx Radio later today in Mandate at Five.
In JCK Combination Two, Michael won 5-3 at Pulrose.
Fixtures for Wednesday evening:-
Canada Life Premier League
Laxey v St George's
Gymns v Old Boys
Canada Life Combination One
Ramsey v Peel
Ravens back at The Bowl to face AFC Liverpool
Rugby: Douglas face Ramsey in last Manx Cup qualifier
Manx athletes to descend on 2024 London Marathon
Football: Peel and Onchan to meet in Women's FA Cup Final
Higgins earns FC Isle of Man draw at Irlam
Payne & Rousseau prepare for world championship opener
