Earlier, Allen had advanced to his group final by beating Brazilian Igor Figueiredo 4-2 at the Toughsheet Community Stadium on Monday afternoon.
Despite compiling a break of 52, the two-time champion lost the opening frame to the World Seniors champion, but runs of 61 and 102 in frames two and three saw him move 2-1 ahead.
Figueiredo levelled by winning the next but Allen’s second century of the match – a 107 – edged him 3-2 in front.
The 38-year-old went on to win the sixth frame to secure his place in the final.
Jones defeated Scottish Open and Welsh Open winner Gary Wilson 4-2 to progress to his meeting with Allen.
Breaks of 106 and 53 helped Jones into a 3-0 lead but Wilson replied by putting together a 120 to take frame four and reduced his arrears to one by winning the next.
An impressive break of 132 clinched victory for Jones.
The invitational tournament sees 16 players divided into four groups of four, with the winner of each contesting the semi-finals.
The winner of Sunday’s final will collect a first prize of £150,000.