Li beat Dominika Cibulkova on Rod Laver Arena in 2014 to win her second Grand Slam title but retired later that year because of injury.
Three years earlier she became Asia’s first Grand Slam singles champion with her French Open victory.
Following her victory over Wang, met face-to-face with Li for the first time.
“She said to me don’t think too much, just keep [it] simple. I think that’s what I need to do as well,” Zheng said.
Zheng will play French world number 95 Oceane Dodin in the fourth round after she beat compatriot Clara Burel 6-2 6-4.
Russian Anna Kalinskaya beat American Sloane Stephens 6-7 (8-10) 6-1 6-4 and with Italian Jasmine Paolini awaiting for Kalinskaya in the next round, there is guaranteed to be a first-time major semi-finalist in Zheng’s section of the draw.
Paolini reached her first Grand Slam fourth round by beating Anna Blinkova, who stunned Elena Rybakina on Thursday, 7-6 (7-1) 6-4.
Two-time Australian Open champion Victoria Azarenka claimed her spot in the fourth round with a 6-1 7-5 victory over Latvia’s 11th seed Jelena Ostapenko.
The Belarusian 18th seed trailed 5-2 in the second set and had to save four break points as she served for the match.
She will face Ukrainian qualifier Dayana Yastremska, who defeated American 27th seed Emma Navarro 6-2 2-6 6-1.
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