The ex-Wales international has fond memories of meeting their near-neighbours at the national stadium as on two occasions, in 1986 and 1989, he scored twice as the Reds lifted the trophy.
After a period of 23 years the two will come together again, albeit in a last-four clash, and Rush is relishing the prospect.
"It will be a great occasion. It is nice for these two clubs to be doing it again," he told Press Association Sport.
"I have only faced Everton at Wembley in finals. The semi-finals being there is still not quite like being in the final but they will treat it as a final - one team has to lose and it is going to be so emotional there.
"It is great for Merseyside and I am looking forward to the rivalry.
"I lived my dream by scoring the winning goal in the FA Cup final. I wanted to score in the final and I scored two.
"Playing-wise 1986 is without doubt my favourite but in 1989 (just weeks after the Hillsborough disaster which claimed the lives of 96 fans) walking out all you could hear was 'Merseyside' and there was red and blue all the way around the stadium.
"I have never heard an atmosphere like it. The city came closer together because football was secondary.
"When you need help Liverpool people are there to help you. They made sure the city and Merseyside was known throughout the world for that one thing and that is what makes them special supporters."
Despite having won their first trophy in six years with a Carling Cup victory in February there is still pressure on Liverpool as a result of their poor league form which has seen Everton move ahead of them in the table.
The situation was not helped by yesterday's [Thursday] sacking of director of football Damien Comolli but Rush insisted the Reds' season needed to be put into perspective.
"Winning trophies, that is what it is about. Kenny Dalglish has been there one year and they've won one trophy and possibly two," added Rush, a McDonald's ambassador who is supporting the Community Football Awards.
"The league is disappointing but more frustrating because on their day they know they can beat anyone.
"Liverpool have already won the Carling Cup but if they were to win a second trophy it would be a successful season.
"They've started on the path of winning trophies now and they need to stay on it.
"Obviously they have to improve in the league next season, but one step at a time.
"If you had asked the Liverpool supporters I know at the start of the season they would have taken winning two trophies.
"They need to build on the trophy they have won and if they can do that by winning the FA Cup that will prepare them perfectly for next year because expectations will be higher."