The Arsenal midfielder once again proved decisive for Spain, netting in the closing stages to book a last-four meeting with France.
It was the second consecutive knockout match in which Merino scored the winning goal, having also struck the only goal in Spain's 1-0 quarter-final victory over Portugal earlier in the tournament.
"I couldn't have imagined something like this even in my wildest dreams – another goal in the dying minutes," Merino told the media after the match.
"I thought it would take a long time to repeat a feat like that... and I managed it in the very next game."
With the scores locked at 1-1 late in the contest, defender Pau Cubarsí unleashed a low effort from outside the box. Belgium substitute goalkeeper Senne Lammens failed to gather the shot cleanly, allowing the ball to spill into Merino's path.
Having only been on the pitch for two minutes, the midfielder reacted quickest to slot home the rebound and seal Spain's place in the semi-finals.
Despite Spain's impressive progress, Merino admitted their route to the last four has not been as free-flowing as their triumphant UEFA European Championship campaign two years ago.
Spain will now face tournament favourites France in what promises to be one of the standout matches of the competition. The Spaniards will take confidence from their 2-1 victory over the French at the European Championship.
"It's going to be a head-to-head battle. That's how semi-finals always are," Merino added.
"We're going into the match against France hungry and eager. It's an elite-level match, the highest level. We are two teams playing at the very top of our game, and we'll try to do our absolute best."