The fourth-seeded Mustangs (17-11) took a 12-0 lead after four innings before the top-seeded Lions (27-8) rallied for 10 runs in the last three innings.
CPA scored seven runs in the fifth, two in the sixth and one in the seventh.
Lipscomb, the defending Class AA champion, took advantage of five CPA errors.
The Mustangs face Hume-Fogg (24-9) in the championship at 7 p.m. Thursday.
Hume-Fogg beat East Literature 8-2 in the semifinals as Adam Wyse (8-1) earned the win.
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