The shootout was of poor quality, in keeping with the rest of the final, as Ajax missed three of their kicks and PSV claimed back-to-back wins in the competition having beaten the Amsterdam side in last year’s decider as well.
A Jarrad Branthwaite own goal gave Ajax a first-half lead, but Thorgan Hazard equalised for PSV in the second half to send the game to extra time and penalties.
Brian Brobbey, Jurrien Timber and Edson Alvarez all missed in the shootout for Ajax.
PSV secured an 11th Dutch Cup victory and are now nine behind Ajax’s record tally of 20 titles.
Ajax took the lead when former PSV forward Steven Bergwijn’s cross was deflected into his own net by the unlucky Branthwaite, who is on loan in Eindhoven this season from Everton.
But PSV were level midway through the second period as Xavi Simons’ burst into the box and his low cross reached Hazard and the Belgian was able to bundle the ball into the net.
