An incredible standard of play across the event saw the Premier League star produce a further three ton-plus averages in reaching the final.
Smith was at his fluent best across the event, hitting 32 180s, though his day began with unspectacular victories over Glen Durrant and John Michael, before a 107.10 average saw him edge out Ritchie Edhouse 6-5.
The last 16 saw Smith come through another last-leg decider with Mario Vandenbogaerde before averaging 114.90, his highest of the day, in a 6-2 quarter-final victory over Hempel.
A 7-3 win over Alan Soutar sent Smith through to the final where a clinical 81% double accuracy saw him rack up his fourteenth win in two days to pocket the £12,000 top prize.
Meanwhile, Rydz produced ton-plus averages in all but one of his six matches, including a 104.13 in the final, as he reached his first ranking final since October.
Scottish youngster Nathan Girvan also hit a nine-darter in his first round loss to Adrian Lewis, with four perfect legs hit across two days of play in Wigan.
The ProTour action resumes this weekend with the Gambrinus Czech Darts Open (ET8), taking place in Prague from May 13-15 - live action will be broadcast on PDCTV.
2022 Players Championship 15
Wednesday May 11
Last 16
Alan Soutar 6-4 Steve West
Josh Rock 6-4 Martijn Kleermaker
Michael Smith 6-5 Mario Vandenbogaerde
Florian Hempel 6-1 Jamie Hughes
Callan Rydz 6-1 Rob Cross
Dirk van Duijvenbode 6-1 Robert Owen
Damon Heta 6-2 Adrian Lewis
Ryan Joyce 6-5 Stephen Bunting
Quarter-Finals
Alan Soutar 6-4 Josh Rock
Michael Smith 6-2 Florian Hempel
Callan Rydz 6-4 Dirk van Duijvenbode
Ryan Joyce 6-4 Damon Heta
Semi-Finals
Michael Smith 7-3 Alan Soutar
Callan Rydz 7-1 Ryan Joyce
Final
Michael Smith 8-3 Callan Rydz