By reaching the final, England have guaranteed an global match will be shown live on free-to-air television in Britain for the first time since the iconic 2005 Ashes series - a chance to inspire a new generation.
Waugh will be staying in England after the World Cup to mentor the Australia side during the Ashes and he said he could offer experience from the high points and low points of his career as they seek to win a Test series in England for the first time since 2001.
The pair officiated in England's eight-wicket victory over Australia on Thursday at Edgbaston and will now oversee the tournament finale between England and New Zealand. "They have the potential to be a great one-day team".
Waugh, an International Cricket Council World Cup ambassador, was speaking at an event in Trafalgar Square, central London, to promote the Criiio Cup. They take the attack to the bowlers, they never sit off.
After this defeat, the team stood just one loss away from unceremoniously crashing out from the tournament, but as Eoin Morgan said at the post-match conference after this loss that England's fate was still in their own hands and boy, did they turn things around from there on.
The Irish-born batsman will captain England in Sunday's Cricket World Cup final, as his adopted nation bids to make history.
A dominate bowling and fielding performance saw Australia all out for just 223 inside 49 overs.
"I have always been a believer that four or five years is long enough, whether you are doing well or not", Bayliss told BBC Radio.
The way in which the team flipped around their style of play after the 2015 World Cup and became world leaders in the limited-overs format left little room for other teams to spoil their party, especially this time that the World Cup is being held in their home conditions.
Black Caps skipper Williamson: "We were in a different part of the world on a different surface against a different opposition [for the 2015 final], and both sides are very different from four years ago, so it's kind of hard to compare those times".
"That has worked out extremely well for us and given the support that we've had throughout, the ECB (England and Wales Cricket Board), the backroom staff, as players we have taken that as far as we can so far".
Waugh said it was not easy to pick out a key man for England.
"I think Archer has given England that X factor so those two guys are form payers but I wouldn't be surprised if Ben Stokes steps up to the plate in the final and produces something special".
"Us, as a team, we have learned to enjoy ourselves, particularly days like this, even if they don't go well".