Royals managed to get on board a respectable 162 for seven, thanks to Faulkner's fearless batting, after being invited to bat on a pitch which had a lot of grass.
Faulkner's valuable knock, in which he punished the rival bowlers with two fours and three sixes, came when Royals were gasping at 75 for five.
His 51-run stand with debutant Deepak Hooda (30) was also crucial in their recovery apart from skipper Steven Smith's 33-run knock from 23 balls.
Royals bowlers kept it tight from the beginning, not giving Punjab batsmen runs freely and took wickets at regular intervals. Their fielding was outstanding and played a significant role in their win as they pulled off two stunning catches and an equal number of run outs.
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Faulkner (3/26) accounted for dangerous Glenn Maxwell along with rival skipper George Bailey in his three-wicket haul while Tim Southee (2/36) took two wickets.
The start to Punjab's chase was horrible as Virender Sehwag was out for a golden duck and Wriddhiman Saha (7) was run out in utter confusion with Murali Vijay.
Run-rate was not a problem for Punjab, though, as they managed 51 runs in six power-play overs.
Opener Murali Vijay was in exquisite touch as his well-timed boundaries were a treat to watch. However he too was run out. The run-rate dipped as Royals tightened their grip over the proceedings.
Punjab needed 71 runs from seven overs and Dhawal Kulkarni inflicted a big blow by removing dangerous David Miller (23), who had just hit a gigantic six off Southee.
His one such attempted big shot was plucked by an airborne Southee but since the Kiwi feared crossing the boundary ropes with ball in his hand, he threw it back and Karun Nair showed immense presence of mind to catch it.