Both concepts appear to target the point where human reading meets computer execution.
In literate programming, human readable part is represented by the idea of writing programs like in an ordinary human language, much like the text of an essay. Respective part in semantic web is that it targets human-readable web pages.
Computer execution aspect in literate programming is that, unlike the classic text, it is targeted also at computer execution. Respective part in semantic web is represented by the notion of data that can be processed directly and indirectly by machines
The connection looks quite profound, like approaching the same target, only from different angles.
The guy who groked this seems pretty smart. Connection looks clear to me now that it was laid out right before my nose but I'll be damned if I've seen that connection before. Another striking point about this observation is that it helped me better understand both concepts (have to admit I had trouble with that before).