The top-seeded Ferrer breezed into the championship match with a 6-3, 6-2 pounding of fellow Spaniard Tommy Robredo in one of the day's semis, needing only 79 minutes to record the victory.
The current world No. 4 won last year's Buenos Aires event with a decision over 2011 winner Nicolas Almagro. Ferrer was also the runner-up in 2010.
Switzerland's Wawrinka emerged with a 7-6 (7-4), 6-4 decision over eighth-seeded Spaniard Albert Ramos.
Wawrinka, who is 3-6 all-time against Ferrer, is seeking his first title since the 2011 Chennai event.