The phrase "to select the finalists" means to choose the last few people or things from a larger group who will continue on to the final round or stage of a competition, event, or process. Full definition
We reserve the right to decline selecting finalists for a category if there are no acceptable entries in that category, or if the number of entrants is less than five. (petsinthecitymagazine.com)
A jury of 50 automotive journalists selected the finalists from a pool of 17 cars and 13 trucks and SUVs. (articles.orlandosentinel.com)
A panel of judges selected the finalists, who were nominated by the general public. (remonline.com)