Price had a tournament-record 12-under 132 total on The Hills Country Club course.
This game is all about momentum. Youve got to get on a roll and Im close, really close, said Price, winless since the PGA Tours 2002 Colonial in Fort Worth.
Scott Simpson and Loren Roberts, who teamed together last week in the Legends of Golf tournament, were tied for second after matching 66s.
Tim Simpson (69) and Denis Watson (70) were five strokes back at 7 under.
While Price has never taken a final-round lead into a Champions Tour event, he converted 10 of his last 12 final-round leads into PGA Tour victories.
Some guys get nervous when they get near the top. When I played well, I was always good at putting my foot down, Price said.
The 51-year-old Price began the day with a one-shot lead over Mark OMeara and steadily held the top spot on the leaderboard. Price shot a bogey-free 3-under 33 on the front nine, giving him a two-shot lead at the turn.
Price added three more birdies with a single bogey on the back nine, including the par-5 18th hole, where he chipped his third shot within 5 feet.
OMeara shot a 75 to drop nine strokes back at 3 under.
Fulton Allem was disqualified at the end of the second round for failing to sign his scorecard after shooting a 73.