Cochran, fresh off his first career Champions Tour victory at the Posco E&C Songdo Championship in South Korea two weeks ago, made it two straight Sunday, ending with a 14-under 202.
That was two strokes better than last year's SAS champion, Tom Pernice Jr., who put a scare into Cochran with an eagle the par-five 17th hole. But Cochran responded with a birdie on the same hole to go two up with one to play.
Both golfers parred the 18th and Pernice finished with a 4-under 68.
John Cook (70) grabbed sole possession of third place at minus-10.
Sharing fourth place at minus-9 were Champions Tour money leader Bernhard Langer (68), Mark Calcavecchia (69), Bobby Clampett (69) and Ted Schulz (72).