Growing into the game after their sluggish start, Auckland City hit the lead in the 72nd minute, Emiliano Tade tapping home from close range after O'Keeffe blocked a David Browne shot.
As the second half wound down, referee Nick Waldron added six minutes of stoppage time after a number of earlier substitutions and Team Wellington worked hard right to the final whistle, scoring with the last kick of the game via Michael Gwyther - who raced clear of the home side's defense to slot home beyond Jacob Spoonley and force penalties.
Auckland's Tade saw his spot kick saved by O'Keefe before Peverley, Alex Feneridis and Gwyther each netted for the capital men. Andrew Milne, Payne and John Irving completed their spot kicks with aplomb for Auckland City only for unfortunate team-mate Cam Lindsay to miss the target completely.
The tension continued when Cory Chettleburgh was denied by a superb Spoonley save, but Corrales - who had a fine afternoon - scored the deciding spot kick to hand the visitors only their second trophy in 10 years.
Team Wellington coach Matt Calcott said there was a lot to like about the performance of his side ahead of their ASB Premiership season-opening match against the Wellington Phoenix in two weeks time.
"It's good to get that gauge of where we are at and the boys stuck at it for a long period of time," Calcott said.
"Our pressure was good at times and our shape was good as well. I also thought we created a lot of chances and those are probably the two things that you want to do and that's what we've done.
"Another real positive for me is that we stuck at it right to the end and we've scored very late in the match. We were still in the game right through until then and after they scored their second goal we could have lied down but we didn't, we got back up and bounced back well."
"It goes without saying that it gives us a little bit of confidence. It's a new group so you don't know how they are going to react when they are under pressure but today they showed some good signs."
Auckland City FC coach Ramon Tribulietx said he was also relatively happy with the outing from his side after being slow out of the blocks with Team Wellington providing a tough examination his squad.
"I think we started a little bit rusty," Tribulietx said, "in the first 20 minutes it took us a while to get into the speed of the game.
"When you concede in the first minute, things get tougher but I think after about 20-25 minutes we started to get into the game and dominated. Right up until the last 15 minutes of the second half I thought we were in control, we created chances and we scored two goals.
"It was a tough game and very tense, the same as always against Team Wellington. They pressed us pretty intensely for most of the game and we expected that.
"We've still got a few players out and coming back from injury and this pre-season has been a bit shorter than we've had in the past so we're a little bit further back than what we were last season.
"We'll look to have another good week of training and hopefully we'll be a little bit better next week."
