At 62 years, 10 months, 7 days, Haas trails only Mike Fetchick, the 1985 Hilton Head Seniors Invitational winner at 63 years to the day.
After opening with bogey-free rounds of 64 and 63 to take a five-stroke lead, Haas had to rally to get into the playoff. He made par saves on the par-3 17th and par-5 18th for a 1-under 70 to match Bryant - who earlier bogeyed 18 to give Haas an opening - at 16-under 197.
Also the 2007 winner at Newport Beach Country Club, Haas won his 18th title on the 50-and-over tour and first since 2014. He won nine times on the PGA Tour and captained the United States' winning Presidents Cup team last year in South Korea.
The 53-year-old Bryant shot a 64, three-putting the 18th in regulation. He hit into the left greenside bunker in two, and hit something under the ball in the sand that sent that ball right and long.
Bryant also struggled on the hole in the playoff, hitting way left off the tee, then into a grandstand to the right of the green. Haas hit the fairway and drew a good lie in light rough, also right of the green. Bryant's chip raced across the green and off, and Haas hit his to a foot for the winning birdie.
Playing two groups ahead of Haas, Bryant pulled even with a 20-foot birdie putt on the par-4 16th and took the lead with a downhill, breaking 20-footer on the 17. Bryant birdied six of the first 12 holes, hitting inside 5 feet on the last three on Nos. 9, 11 and 12.
Haas hit left into the water on the short par-3 fourth en route to a double bogey. He hit a 6-iron to a foot to set up a birdie on No. 8, made a 5-foot birdie putt on 12 and closed with six pars.
Bryant won the 2013 Dick's Sporting Goods Open for his lone senior title.
John Daly, playing alongside Bryant, had an eventful even-par 71 to tie for 19th at 9 under. His scorecard nearly as colorful as his pants, Daly didn't make a par until the eighth hole. He drove the 319-yard first to set up a 10-foot eagle putt, made a 40-footer for birdie on No. 2 and two-putted for birdie on the par-5 third. He made double bogeys on the next two holes, also hitting into the water on No. 4, then birdied No. 6 and bogeyed No. 7. After a string of pars, he closed birdie-bogey-bogey-birdie.
Duffy Waldorf, the winner last year, also was 9 under after a 69.