Villa went into the match needing a strong response after a difficult run of league results, and Emery's decision to field his strongest available team ahead of next week's Europa League final proved fully justified.
Watkins nearly gave Villa the perfect start after combining well with Rogers, but Liverpool goalkeeper Giorgi Mamardashvili reacted quickly to keep the effort out. The striker then caused concern for the home crowd moments later when he slipped awkwardly inside the area, although he was able to continue.
Liverpool thought they had taken the lead when Cody Gakpo followed up after Emiliano Martinez saved Ryan Gravenberch's shot, but the offside flag ruled the goal out immediately.
As the first half progressed, Liverpool controlled more possession, yet Villa struck first just before the interval through another clever set-piece routine. Rogers found space on the edge of the area and curled an excellent finish into the corner after Liverpool failed to deal with a short corner.
Liverpool responded strongly after the break. Virgil van Dijk headed home from Dominik Szoboszlai's dangerous delivery to level the score, and the visitors nearly completed the turnaround moments later when Rio Ngumoha hit the post.
That miss quickly proved costly. Szoboszlai slipped in midfield, Rogers reacted instantly and released Watkins, who finished calmly to restore Villa's lead.
Villa continued to attack with confidence. Mamardashvili denied Watkins once again before Emiliano Buendia rattled the underside of the crossbar with a powerful strike from distance. Watkins eventually grabbed his second goal of the night after Liverpool failed to clear their lines, before John McGinn added a stunning long-range finish to cap a memorable evening. Van Dijk scored again deep into stoppage time, but it did little to change the mood inside Villa Park.
Emery praised his players after securing a top-five finish and Champions League qualification with one game remaining.
"Now we can play the final only thinking for a trophy," Emery said. "It is something making sense of everything we are trying to build here."
The Villa manager also highlighted the team's determination throughout the season.
"The consistency and demands were high and we never gave up," Emery added. "How we responded in the second half was fantastic."
While Villa celebrated, Liverpool boss Arne Slot admitted his side still had major improvements to make after another disappointing away defeat.
"It is obvious we know what we need to improve," Slot said. "People are underestimating what a transfer window and a fresh start can do."
Liverpool have now suffered 19 defeats in all competitions this season, but Slot believes injuries and the adaptation period for several new signings have played a major role in the club's struggles.
"If you miss nine players who can start games, then it becomes difficult," he explained. "The difference is not so big. Doing the right things in key moments can make a massive difference."
Villa now travel to Istanbul with confidence ahead of the Europa League final, knowing they have already secured a return to Europe's biggest competition and moved one step closer to ending their 30-year wait for a major trophy.
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