The Wildcats, unbeaten against conference opponents this season, took the tournament championship for the third straight year.
Davidson (26-6) has now won a nation-high 22 straight games and 36 in a row in conference action.
T.J. Douglas scored 18 points and Brett James 13 for the Phoenix (14-19). Seventh-seeded Elon was the lowest seed to reach the finals since VMI made it as a No. 7 in 1988.