It was one-way traffic in the match, with van Gerwen taking a 3-0 lead in the race to 11 legs.
Van Barneveld got on the board in the fourth leg, then made ground in the ninth and 10th legs to draw within two games of van Gerwen. However that was as close as he would get, with van Gerwen closing out a strong tournament with the title in hand.
It's the second time van Barneveld has finished runner-up in the tournament, also finishing one win short of the title in 2015.
Van Gerwen solidified himself as the event favourite earlier in the night, dispatching Scotsman Peter Wright 10-3. On back to back legs in the semifinal, van Gerwen had a 164 and 170 check out as he pushed to a 7-0 advantage before pushing on to claim the win.
Van Barneveld also showed his mettle in the semifinal against Australian Simon Whitlock.
The 51-year-old checked out at 118 and 121 on the 13th and 14th legs, which pushed his advantage over the Australian to 8-5, and he closed it out two legs later - with a 12-dart leg closing it out.