Arvidsson defeated Alberta Brianti 6-3, 7-5 in reaching the finals in Memphis for the third time. She won the event in 2006 and was the runner-up in 2010. Even with three title matches in Memphis, Arvidsson is in just her fourth WTA final.
She had three breaks in the first set and finished off one of her two break chances in the second in improving to 4-1 lifetime versus Brianti.
Erakovic, at No. 4 the only seeded player who reached the second round, got by Vera Dushevina 6-1, 4-6, 6-4 in her semifinal. Erakovic had seven breaks, with one in the 10th game of the third set that carried her to her second WTA title match.
Erakovic, looking for her first WTA championship, is 1-0 in her career versus Arvidsson. She was a 6-2, 6-1 winner in a match last year in Stanford, Calif., in their only previous meeting.
The Memphis champion will take home $37,000 with $19,000 going to the runner-up. Brianti and Dushevina each earned $10,400 as semifinalists.