Michael van Gerwen wins record seventh Premier League Darts title
The Dutchman hit an average of 105.4 to move ahead of Phil Taylor in the all-time standings after a breathless display against a stunned Price, who reached the play-off final for the first time in his career.
Van Gerwen has dominated the tournament since his first title 10 years ago and after recording a thrilling 10-8 semi-final win over Michael Smith earlier in the evening, it seemed just a matter of time before he could get his hands on the trophy once again.
The 34-year-old's win is even more impressive considering his participation in the final was initially in doubt after missing the final weekly round in Aberdeen with a shoulder injury.
"I have been working really hard," the world number three told Sky Sports.
"Obviously, I had problems last week, we all know Gerwyn Price is in fantastic form, Michael Smith won the last three weeks.
"I get questions all the time about when I am going to do it again so I put the pressure on myself. I keep doing that, but today it motivated me and I think that is probably what made me win.
"I think today I played some fantastic darts. What more can you wish for than to win this trophy?
"I had to do something special today and I was really glad I was able to do it," he added.
In the other semi-final, Price beat his Welsh World Cup teammate Jonny Clayton with a comprehensive 10-2 win after breezing through the first five frames without reply.