The top-seeded Tipsarevic improved to 3-6 in career finals with his 6-4, 5-7, 6-3 decision over the second-seeded Monaco at Stuttgart, Germany.
Tipsarevic, ranked 8th in the world, collected with his first career win on a clay court.
Monaco, meanwhile, fell in a final for the first time this year after previously winning clay-court crowns at Vina del Mar and Houston.
Notable deaths of 2014 [PHOTOS]
Julius Randle breaks leg during NBA debut