The 9 PM ET broadcast, which is entitled "Broadway or Bust," is described thus: "The magic of Broadway inspires the designers, who create stylish looks based on the musical Finding Neverland."
Fashion model Coco Rocha is the guest judge.
The winning "Project Runway" prize includes $100,000 to start a clothing line.
Based on the film of the same name, Finding Neverland plays the Lunt-Fontanne Theatre and stars Matthew Morrison.
Finding Neverland, Starring Matthew Morrison, Opens On Broadway; Red Carpet Arrivals, Curtain Call and Cast Party