The world number one finished a day that included two missed attempts at double 12 for nine-dart finishes in style as he beat the Scotwith an average of 104.06.
The number one seed marched in to a 3-1 lead before missing two darts to go within two of victory.
Wright, who averaged over 100 himself, levelled the score at 3-3 before van Gerwen pounced to hold and then break again.
Wright showed real strength though as he broke the van Gerwen throw and took the match in to a deciding leg.
A 140 and a 180, followed by a 98 checkout secured the title for the world number one who was delighted with the result:
"You always have to play well against Peter," the 27 year-old Dutchman told pdc.tv.
"I'm trying my best, this is fantastic as it is one of my favourite venues on the European Tour."
Van Gerwen began the day with a 6-2 victory over Australia's Kyle Anderson.
The 2016 Matchplay champion was ruthless in victory, including a 131 checkout hitting double tops with his last two darts of the leg.
He then went on to beat Jelle Klaasen 6-4 and Kim Huybrechts 6-3, who had beaten world champion Gary Anderson earlier in the evening, coming agonisingly close to a nine-darter in both matches.
Wright was arguably more impressive on his way to meeting the the Dutchman.
He first knocked out Daryl Gurney, beating him 6-2 before going on to hand Mensur Suljovic a devastating 6-0 whitewash.
Wright's opponent in the last four was Stephen Bunting who had reached his first ever European Tour semi-final, beating Michael Smith and Terry Jenkins en route.
However, the world number five was too strong for Bunting, securing a 6-4 victory with an average of over 100.
Wright, who was a winner of this competition in 2014 said he was satisfied with his weekends work after facing four match-darts from Steve West in round two:
"Sometimes you need a bit of luck and I got that against Steve West. I got five legs against the world number one, I'm proud of myself."
European Darts Open 2016 Daily Results
Friday July 29
First Round
Afternoon Session (12pm-4pm)
John Henderson 4-6 Jan Dekker
Ritchie Edhouse 6-4 Harry Ward
Wes Newton 6-5 Shaun Griffiths
Kim Viljanen 6-1 Martin Schindler
James Richardson 6-3 Daniele Petri
Robbie Green 5-6 Daryl Gurney
John Michael 6-0 Fabian Herz
Jonny Clayton 6-3 Andy Hamilton
Evening Session (6pm-10pm BST)
Mark Frost 4-6 Stefan Stoyke
Dimitri Van den Bergh 6-2 Jeffrey de Graaf
Holger Rettig 3-6 Steve West
Jamie Caven 6-3 Christian Kist
Andy Jenkins 5-6 Devon Petersen
Max Hopp 5-6 Andy Boulton
Cristo Reyes 5-6 Kyle Anderson
Gerwyn Price 6-3 Tony Newell
Saturday July 30
Second Round
Afternoon Session (12pm-4pm)
Terry Jenkins 6-3 Jonny Clayton
Stephen Bunting 6-1 Stefan Stoyke
Robert Thornton 2-6 Wes Newton
Jelle Klaasen 6-3 Ritchie Edhouse
Benito van de Pas 4-6 Daryl Gurney
Mensur Suljovic 6-1 John Michael
Ian White 6-2 Devon Petersen
Michael Smith 6-4 James Richardson
Evening Session (6pm-10pm)
Simon Whitlock 1-6 Gerwyn Price
Kim Huybrechts 6-3 Dimitri Van den Bergh
Dave Chisnall 3-6 Jan Dekker
Peter Wright 6-5 Steve West
Gary Anderson 6-1 Kim Viljanen
James Wade 6-5 Andy Boulton
Michael van Gerwen 6-0 Jamie Caven
Alan Norris 3-6 Kyle Anderson
Sunday July 31
Afternoon Session (12pm-4pm BST)
Third Round
Michael Smith 3-6 Stephen Bunting
Ian White 5-6 Terry Jenkins
Daryl Gurney 3-6 Mensur Suljovic
Peter Wright 6-2 Gerwyn Price
Jan Dekker 0-6 Gary Anderson
Kim Huybrechts 6-3 Wes Newton
Jelle Klaasen 6-3 James Wade
Michael van Gerwen 6-2 Kyle Anderson
Evening Session (6pm-10pm BST)
Quarter-Finals
Stephen Bunting 6-4 Terry Jenkins
Mensur Suljovic 0-6 Peter Wright
Gary Anderson 4-6 Kim Huybrechts
Jelle Klaasen 4-6 Michael Van Gerwen
Semi-Finals
Stephen Bunting 4-6 Peter Wright
Kim Huybrechts 3-6 Michael van Gerwen
Final
Peter Wright 5-6 Michael van Gerwen
Fast Results
Scores
Racecards 
