Arriving at Utilita Arena on the back of last week's win in Nottingham, 'The Iceman' romped to victory, riding a 114.96 average to move up to second in the table and cut Van Gerwen's lead to seven points.
"The last eight to 10 weeks, I have been playing really well and playing like that," said Price, who has built an eight-point cushion to fifth-placed Chris Dobey.
"It is nice when you can play like that, especially against Michael, because you need those performances to win. I am grateful it happened in the final.
"I slipped up once in one leg and he won, so you can see how much you need to be on your game.
"Thankfully my game was there and I just wish I won 6-0."
Price opened his evening in an all-Welsh affair against Jonny Clayton, laying down a marker to the rest of the field with a comprehensive 6-1 win.
The world number four then downed the aforementioned local hero Dobey in the semi-finals, staving off a late comeback in the process.
Defeat for Van Gerwen, meanwhile, means he has missed the chance to extend his lead at the top.
The Dutchman's route to the final saw him claim a whitewash win over Nathan Aspinall in his opener before he won 6-5 in a last-leg decider against Peter Wright.
The Premier League continues on Thursday, March 30th with Night Nine at Mercedes-Benz Arena in Berlin, Germany.