It's the 10th career WTA title for Petrova and her first since 2008 at Quebec City.
"I've been waiting for this patiently," Petrova said.
Petrova, who has been ranked as high as No. 3 in the world, took advantage of a strong serve to control the match. Petrova won 30 of 36 first point serves and also had seven aces to just one for the Israeli. Peer had five double-faults in the first set.
Peer came in having lost five straight first-round matches, but made it to the finals of a WTA event for the first time since January 2010.
Petrova, ranked 32nd, has defeated No. 24 Peer in all six of their meetings.