Zheng, the 12th seed, outlasted Wang Yafan in an epic all-Chinese battle on Rod Laver Arena on Saturday, winning 6-4 2-6 7-6 (10-8) after an 83-minute match tiebreaker.
Zheng Qinwen (left) overcame fellow Chinese Wang Yafan in the Australian Open third round. (Joel Carrett/AAP PHOTOS)
Ten years ago, Li became the first Asian woman to win the Australian Open crown - adding it to her 2011 French Open title - with the now 41-year-old returning to Melbourne a decade on to compete in the Legends tournament.
Zheng, 21, said she clearly remembered Li's victory at Melbourne Park, when she beat Slovakia's Dominika Cibulkova 7-6 (7-3) 6-0 in the final.
"Of course, cause I was sitting there in front of TV and I watch from the beginning until the end," said Zheng, who reached the quarter-finals of the US Open last year.
"That final, I've watched it more than 10 times so I have a lot of memories.
"She's an unbelievable player - the first Asian woman who was the grand slam champion - how can you not remember that?"
ICONIC 🫶— #AusOpen (@AustralianOpen) Qinwen Zheng x Li Na pic.twitter.com/OKUwHzEcAgJanuary 20, 2024
Zheng will next face Oceane Dodin, who downed fellow French player Clara Burel 6-2 6-4.
Two-time champion Victoria Azarenka booked her ticket to the fourth round with a straightforward 6-1 7-5 win over 11th seed Jelena Ostapenko.
Azarenka needed just 26 minutes to claim the first set but Ostapenko made her work to close out the match, with the second set taking 57 minutes.
In the process, the Belarusian ended Ostapenko's seven-match singles winning streak.
Azarenka will next play Ukraines's Dayana Yastremska, who continued her inspired run from qualifying to advance to the fourth round for the first time.
Two-time Open champion Victoria Azarenka scored a straight-sets win over Jelena Ostapenko. (Lukas Coch/AAP PHOTOS)
Yastremska upset American 27th seed Emma Navarro 6-2 2-6 6-1 in the opening match of day seven.
The 23-year-old was joined soon after by Russian Anna Kalinskaya, who won a tough tussle with American Sloane Stephens 6-7 (8-10) 6-1 6-4.
Veteran Stephens, who was a Melbourne Park semi-finalist back in 2013 and won the US Open in 2017, called for some sushi and smoothies to be delivered to her on court mid-match.
But it didn't provide the energy boost she was looking for against the world No.75.
Before this year, 25-year-old Kalinskaya had never won a match at Melbourne Park.
She will next take on Jasmine Paolini after the Italian 26th seed ousted another Russian, Anna Blinkova, 7-6 (7-1) 6-4.
World No.1 Iga Swiatek is playing Czech Linda Noskova in the night session.
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