PSG has now won the season-opening trophy on fourteen separate occasions.
Paris Saint-Germain needed a stoppage-time leveler followed by a successful spot-kick decider to get past their arch-rivals in the Gulf and capture a fourth straight Trophee des Champions victory.
The European champions seemed to be sailing towards a straightforward win in the showdown between the Ligue 1 winners and the French Cup winners after Ousmane Dembele found the scoring in the opening stages.
Yet, the southern French side fired twice late to take a shock lead. First, the English forward scored from the penalty spot, before the defender inadvertently turned the ball into his own net for an own-goal.
In a breathtaking turn of events, the Portuguese striker snatched a vital leveler in the dying moments to force the contest into a penalty shootout. PSG goalkeeper Chevalier then stood as the hero, saving decisive kicks from O'Riley and Traore.
In the shootout, Goncalo Ramos, the midfielder, Nuno Mendes, and Desire Doue all scored successfully for Paris Saint-Germain to complete a 4-1 penalty victory.
The record winners Paris Saint-Germain, who met last season's Ligue 1 second-placed team Olympique de Marseille after completing a league and cup double, have now won this trophy for the twelfth time in the past thirteen years.
