The Owls defeated Brighton & Hove Albion over two legs in the Championship play-off semi-finals and now will face either Hull City or Derby County in the final at Wembley.
Carvalhal could not hide his delight, and thanked the club for providing him with the platform to achieve his lifetime goal.
"I used to see the games on a black and white TV and it used to be the final of the cup in England," he said. "I never thought I would go to Wembley one day and now this is something that we have achieved."
Carvalhal has masterminded Wednesday's incredible rise to sixth in the Championship table, following three consecutive seasons in the bottom half of England's second tier, and they are now only one game away from ending their 16-year exile from the Premier League.
The Portuguese manager highlighted games like their upcoming play-off final as occasions that you remember as players, and claimed that his side are in the process of making history.
"I played football for a long time and the things that I remember is not the money, but the good moments when we played important games and when we reached cup finals," he said. "These things are more than money, they make us stay in the history of the club. We are making history. It is something important and the players deserve it absolutely."
The Owls are the 16th club that Carvalhal has managed in a coaching career that has spanned 18 years, and a promotion to the Premier League with the South Yorkshire side would surely rank as his highest achievement in the game to date.