All eight PDC players won their opening matches against their respective Asian opponents, but recently-crowned world champion Smith went all the way with an 8-6 triumph in Friday’s final.
The 32-year-old breezed passed Bahrain’s Abdulnasser Yusuf 6-1 in his opener but then had to dig deep against Dimitri Van den Bergh (6-4) and Raymond Van Barneveld (7-5).
Smith had to show more of the same against Price, winning an entertaining finale in Sakhir.
"I'm delighted," Smith said via the PDC. "I've got my third World Series title and my wife told me to bring this trophy back, and I've finally got it.
"I was far from perfect tonight but I've got to take my chances when they come.
"I thought it might not be my time but I dug deep and came back. Thankfully for me, Gez missed and I managed to hit the double-five.
"I've got to keep taking the rough with the smooth and keep riding this wave - hopefully it continues. I'm so happy to win this and it's been a great week to visit Bahrain for the first time."
