Three days on from winning the opening night of the Premier League, the World Champion opened his year's ProTour title account with an 8-5 win over Price.
Wright's reached the semi-finals at Players Championship 1 on Saturday, and continued his fine form to land his 43rd PDC title.
The title win would have been enough to see Wright move into the world number one spot for the first time, had it not been for Price progressing beyond the quarter-finals.
"I'm very happy to get the win today, especially against a player of the class of Gezzy," said Wright.
"I wasn't thinking of becoming world number one until at least March but if I knuckle down and win tournaments I might get there sooner.
"Yesterday I felt great and thought I was going to win.
"Today my darts were going in at strange angles so I swapped to my old ones, so I don't know which darts I'm going to use on Thursday night!"
The world number two began the day with a 6-5 win over Alan Soutar, before victories over Lewy Williams and Eddie Lovely followed.
Wright then averaged 101.36 in a win over Lee Evans, before a 6-4 defeat of Rob Cross and a 104.58 average in a 7-3 semi-final victory over Damon Heta.
A gripping final between the world's top two saw Price take the lead on two occasions at 3-1 and 5-4, only for Wright to battle back to lead 6-5.
With Price waiting on 32, Wright produced a 121 checkout on the bullseye to take a 7-5 lead, which proved to be a hammer blow as the Scot sealed the win with a 14-dart leg.
Elsewhere at Players Championship 2, Ian White hit a nine-dart leg in a 6-3 loss to Mensur Suljovic in round one.
Croatia's Boris Krcmar reached his first Players Championship semi-final, while Associate Member Stephen Burton reached his first quarter-final.
Michael van Gerwen's struggle for form continued as he suffered a third round defeat to Burton.
The 2022 PDC ProTour season continues with Players Championships 3 and 4 on February 12-13 at the Robin Park Tennis Centre, Wigan.
2022 Players Championship 2 Results
Last 16 onwards. For all the results and detailed stats, head to Dart Connect (tv.dartconnect.com/events/pdc)
Last 16
- Gerwyn Price 6-3 Gordon Mathers
- Stephen Burton 6-3 Martin Schindler
- Boris Krcmar 6-0 Ryan Meikle
- Stephen Bunting 6-4 William O'Connor
- Damon Heta 6-1 Mensur Suljovic
- Niels Zonneveld 6-4 Luke Humphries
- Peter Wright 6-4 Lee Evans
- Rob Cross 6-3 Jamie Clark
Quarter-Finals
- Gerwyn Price 6-1 Stephen Burton
- Boris Krcmar 6-3 Stephen Bunting
- Damon Heta 6-1 Niels Zonneveld
- Peter Wright 6-4 Rob Cross
Semi-Finals
- Gerwyn Price 7-0 Boris Krcmar
- Peter Wright 7-3 Damon Heta
Final
- Peter Wright 8-5 Gerwyn Price
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