Price collected a $180,000 first-place check that is the largest in tour history -- topping the $148,248 check claimed by Ewan Porter at the Moonah Classic in February.
This was the Nationwide Tour's first $1 million purse and with that large winning check, Price, who was 46th on the money list before this week, is all but assured to be in the top 25 at year's end.
That means he's headed to the PGA Tour next year.
'I'm pretty excited about that,' said an emotional Price, who spent nine years toiling on the Nationwide Tour without getting a PGA Tour card. 'I've been working really hard to get there.'
Price, the overnight leader, only managed an even-par 72 on Sunday, while Anderson was one better with a 71. The pair finished regulation at 15-under 273 and headed back to 18 as the rain came.
Both found the fairway on the par-four 18th hole at Pete Dye Golf Club, but neither found the green in two. Both had tricky pitches although Anderson's proved much more difficult.
Price was able to pitch to 20 feet, but Anderson blasted his third through the green. Anderson then chipped to 18 feet.
Price missed his par putt, but Anderson had to make his to extend the extra session.
As the rain intensified, Anderson missed the putt giving Price his second, but biggest, Nationwide Tour vin.
'It was a tough day,' said Price, who won the 2005 Xerox Classic. 'I'm proud of the way I played. I'm just real excited.'
The two went to the playoff thanks to a miscue by Price.
The pair was knotted at 15-under par when they reached the par-five 17th. Price got on in two and two-putted from 55 feet for a birdie. Anderson left himself with seven feet to keep pace, but missed his birdie effort.
At the closing hole, Price found the fairway off the tee, but sailed his approach long and right. He chunked a chip 20 feet short of the flagstick, but Anderson had his own problems.
He too missed the putting surface, but had a better lie and chipped to three feet. Price's putt to win the championship stopped near Anderson's coin, but inside his mark.
Anderson's par putt rattled in the hole and Price tapped in for bogey to force the extra session, which ultimately went to Price.
Peter Tomasulo (68), David Hearn (69) and David Branshaw (72) shared third place at 13-under 275.
Oskar Bergman (67) and D.J. Brigman (70) tied for sixth at minus-12, followed by Stephen Dartnall (69) and Matt Weibring (70), who shared eighth place at 11-under 277.