Runge, who trailed Smith by two with one hole to play, posted a closing birdie against Smith's bogey at 18 to force the extra session. Last year's playoff was the third in the eight-year history of the event.
Runge is looking to become the first player in Buy.com Tour history to successfully defend his title.
Notah Begay III fired the 18-hole record of 59 in the second round of the 1998 tournament.
Stonehenge Golf & Country Club will be hosting this event for the second straight year. The Dominion Club in Glen Allen, Virginia had hosted this event since its inception in 1993, when it was known as the NIKE Dominion Open.
The purse was increased by $25,000 for this year's event. The Golf Channel will carry the broadcast all four days.
The Buy.com Tour will take a week off before traveling to Scranton, Pennsylvania for the Steamtown Classic at Glenmaura National Golf Club, May 31-June 3.
Past Richmond Open Champions
2000 -- *Steve Runge (272)
1999 -- Darron Stiles (279)
1998 -- Bob Burns (274)
1997 -- Jeff Julian (277)
1996 -- Olin Browne (276)
1995 -- *Hugh Royer III (270)
1994 -- *Sonny Skinner (271)
1993 -- Angel Franco (272)
* - Won in Playoff.
Full- field for the Richmond Open