Britain’s Powell put in an impressive performance to stop Sweden’s Albrektsson in the second round.
After a quiet first round where Albrektsson controlled the majority of the action against the cage, Powell unleashed in the second.
Powell broke free from Albrektsson’s grappling attempt and landed three elbows to knock down his opponent before the referee stopped the contest.
Carlos Jr and Powell will fight on 27 June at the Wintrust Arena in Chicago, Illinois.
The knockout format of the PFL tournament is unlike previous years where the first round contributed to a division league table.
The eventual champions will receive £395,000 ($500,000) in prize money.
Other Britons in the semi-finals include Fabian Edwards, who stopped American Impa Kasanganay in the second round of their middleweight contest last month.
Edwards will face American Josh Silveira next, also on 27 June.
On the same card, fellow Briton Alfie Davis faces American Brent Primus in the lightweight semi-finals after he knocked out American Clay Collard in April.
In the bantamweight semi-finals, Briton Jake Hadley faces Brazil’s Marcirley Alves on 20 June in Kansas.
Hadley reached the last four by submitting Brazil’s Matheus Mattos in the third round of their contest in April.
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