Davenport, who was not seeded, easily beat the third-seeded Vakulenko by scores of 6-4, 6-1.
"My game plan was to serve well and just hold my serve," the American said. "Once I was able to break her at the end of the first set, that helped my momentum. I was focused on my serving and knew the rest of it would take care of itself."
It was Davenport's second final in three events since returning to the WTA Tour in August, after nearly a year out of action.
She gave birth in June to her son, Jagger Jonathan Leach -- her first child.
Vakulenko overcame an injured right ankle to make her first Tour singles final appearance and the second by a Ukrainian this season.
2014: The Year in Music [PHOTOS]