Bautista hit the most homers (10) for the American League in the first round and earned a bye. Stanton also received a bye after going deep six times in the first round for the National League.
Frazier, of the Cincinnati Reds, recovered after a slow start. He hit just two home runs in the first round but reached the second round after winning a tiebreaker against Justin Morneau. Frazier then went deep six times in the second round to earn a date with Stanton in the NL finals.
Cespedes also reached the second round after winning a tiebreaker against Oakland Athletics teammate Josh Donaldson. Cespedes hit nine home runs, the longest at 416 feet, in the second round to face Bautista in the AL finals.
The derby was delayed about an hour due to rain in Minnesota.
Bautista led all participants with 10 first-round homers. His longest of the first round was 428 feet.
Stanton provided a first-round highlight when he hit a deep homer to dead center at 430 feet