The scores were 6-4, 6-2.
The win gave the Swiss Hingis her fifth career title at this event.
She said the key Sunday was to withstand her Serbian opponent's habit of early successes.
"The most important thing against Ana is to stay close with her in the beginning. I noticed in her past matches, she gets off to a very fast start, and after that, her confidence keeps building," Hingis said. "She really goes for her shots and will hit a lot of winners. We had some very close games at the start and I tried to just stay with her. After the first set, I gained more momentum."
Hingis earned $182,000 for her latest title.
Ivanovic took home a runner-up share of $97,800.