Wawrinka is projected to advance five places from No. 8 when the new ATP rankings are released Monday. Nadal will retain his No. 1 spot.
The 28-year-old Wawrinka will become Switzerland's highest-ranked player for the first time in his career, overhauling 17-time Grand Slam-winner Roger Federer, who started the Australian Open at No. 6 and could drop to No. 8 despite reaching the semifinals.
After beating No. 2 Novak Djokovic in the quarterfinals, Wawrinka defeated seventh-ranked Tomas Berdych in the semis.
Djokovic is expected to retain his No. 2 spot in the rankings.
Dominika Cibulkova is expected to jump 11 places from No. 24 to No. 13 on the WTA rankings after reaching the women's final, while Australian Open champion Li Na moves up one spot to No. 3.
Serena Williams retains the top spot in the women's rankings despite being eliminated in the fourth round at Melbourne. Victoria Azerenka, who won the 2012 and 2013 Australian titles but lost in the quarterfinals this week, stays at No. 2.
Cibulkova upset Maria Sharapova in the fourth round before reaching her first Grand Slam final with a win over fifth-ranked Agnieska Radwanska. Radwanska will moves up on place to No. 4, while Sharapova will drop from No. 3 to No. 5.
Teenager Eugenie Bouchard—who beat former top-ranked Ana Ivanovic in the quarterfinals—enters the top-20 at No. 19, up from No. 31.