The world number three fought back from 4-1 down in the final as Price attempted to avenge his defeat to the Green Machine from last month's World Matchplay in Blackpool.
Van Gerwen missed 10 consecutive shots at double before eventually finding his range to level the match 4-4.
The Iceman regained the lead, but only temporarily as his opponent produced checkouts of 112 and 77 on his way to a 7-5 advantage.
The Dutchman then finished things off with an 11-dart leg to claim his 60th televised title and third in Australia.
The 33-year-old's win marks a remarkable return from surgery on his wrist which kept him out of the World Cup of Darts in June.
Asked if this meant he was on the way back, van Gerwen said: "You said that wrong, I am not on the way back, I am back and they know I am the boss.
"I am a winner, not a loser. Of course, when I lose I am sick, but I am a winner and I love to win trophies.
"I am glad I am back to winning ways."
Queensland Darts Masters results
Joe Cullen 6-4 Dimitri Van den Bergh
Michael van Gerwen 6-1 Haupai Puha
Gordon Mathers 6-4 Michael Smith
Gerwyn Price 6-3 Simon Whitlock
Michael van Gerwen 7-5 Joe Cullen
Gerwyn Price 7-1 Gordon Mathers
Michael van Gerwen 8-5 Gerwyn Price