After a 4-under 68 Sunday, Simpson's final score was 12-under 204.
"I've never won on the Champions Tour and to even think about winning at Pebble Beach, you bet I'm nervous," Simpson said in the clubhouse while waiting for the final round to end. "Obviously to get this win is such a thrill. It's unbelievable."
Simpson won $300,000.
Massy Kuramoto (65) finished alone in fourth at 10-under 206.
The tournament event paired Champions Tour players with junior golfers from The First Tee program, as well as other amateurs.
Caroline Berg Eriksen: Soccer player's wife triggers debate with post-birth selfie
Exploding whale video goes viral on Internet