The victory should give the 24-year-old Davenport, who has been plagued by injuries this season, a boost for next week's Chase Championships at Madison Square Garden, where she also is the defending champion.
"Now I am going in with a little bit of a win streak," Davenport said. "So I feel very confident with this win."
After outlasting Hingis in the hotly contested first-set tiebreaker, Davenport jumped to a commanding 5-1 lead in the second set. She appeared ready to close out the match after rallying from a 15-40 deficit with a pair of aces.
Davenport had her first match point when her opponent hit into the net. But Hingis made a valiant comeback, breaking Davenport twice to get to 5-4.
However, the "Swiss Miss" was unable to complete the comeback, sailing a ball long to hand Davenport the victory and her fourth straight title -- excluding the Olympics -- on her second match point.
"The first set was very high-level tennis," said Hingis. "It was hard for me at times because she was hitting so hard from the baseline and I was scrambling. She returns so well and if you don't serve well, she passes you. It's hard mentally to keep going when you lose the first set."
Davenport, seeded second this week, improved her career record against Hingis to 12-9, with the last 15 meetings coming in championship matches. She has won three of five meetings this year after losing the previous two and earned the $87,000 first prize.
Hingis had her own streak halted today. She had won 15 consecutive matches since a semifinal loss to Venus Williams at the U.S. Open. Hingis won titles at the Porsche Tennis Grand Prix, Swisscom Challenge and Kremlin Cup since her last defeat.
This year, the 20-year-old has won 73 of 82 matches, more than $14 million and eight singles titles to increase her career total to 34.
With this week's showing, Hingis will finish the year No. 1 in the WTA Tour rankings, regardless of what happens at the Chase Championships. Davenport will finish No. 2 after overcoming a back problem and injuries to her left ankle and foot.
Davenport won the Australian Open and was runner-up in Grand Slams at Wimbledon and the U.S. Open.