Price previously won the season-ending event in 2020, and backed up last month's TAB New Zealand Darts Masters success by scooping the £70,000 World Series of Darts Finals top prize.
He was pushed all the way by home favourite Van Duijvenbode in an enthralling final, securing the title with a 14-dart leg in a dramatic ending.
A high-quality start saw the pair trade 14-darters in the opening four legs before Price broke for a 3-2 lead, and he then pinned tops to open up a two-leg cushion.
Three successive legs from Van Duijvenbode saw him move ahead again at 5-4, and he added a 12-darter as he retained the edge.
Price took out 146, 121 and 116 as he came from 7-6 down to lead 9-8 - pouncing on a miss at double 18 from Van Duijvenbode in leg 17.
The Dutchman - who had taken out 112 in leg 15 - hit back with a superb 11-darter and fired in double four to move 10-9 up, putting himself on the brink of a maiden big-stage title.
Price showed his class with a 12-darter to take the final to a deciding leg, and after being first to a finish during a tense finale, the Welshman took out 90 to seal glory.
"I'm thrilled to get over the line," said Price, who ended the final with a 100.14 average. "Dirk played fantastic but I think I played a little bit better.
"It was a great game but I made it really difficult for myself. There were two or three legs where I missed doubles, and at five-all going into the second break I probably could have been 7-3 up.
"I knew from there on in it was going to be a tough battle; Dirk was playing really well and obviously the crowd were supporting him but I dug in there right until the end.
"I gave myself a chance in the last-leg decider and scraped over the line."
He added: "I'm more than experienced with these sort of crowds, and fair play to them - they were all cheering for their man but I think they were quite respectful in patches.
"I let him off the hook a couple of times but I just wanted to give myself a chance in the last leg - I've got a little bit more composure and experience than Dirk had in that leg and that's all that counted."