The fourth seeded Indo-Swiss pair, edged past unseeded Americans Bethanie Mattek-Sands and Sam Querrey 6-4 3-6 10-7 in a tricky final to win their third Major title together this season.
42-year-old Paes now has won nine Grand Slam mixed doubles titles, surpassing compatriot and former partner Mahesh Bhupathi's record of eight titles.
He is now behind only legendary Martina Navratilova, who won 10 mixed doubles trophies. Of those 10, two came with Paes only when they won Australian Open and Wimbledon in 2003.
It was Paes' 17th Grand Slam title overall and Hingis' 19th. Hingis has won four Grand Slam titles and all of them have come with Indians. She won her first mixed doubles trophy with Mahesh Bhupathi when they won 2006 Australian Open.
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Hingis is also in the contention in the Women's Doubles with Sania Mirza with whom she won Wimbledon earlier this year. They are up against Yaroslava Shvedova of Kazakhstan and Casey Dellacqua of Australia.
A lone break of serve also decided the second set, as Mattek-Sands hit two straight winners to break Hingis' serve as the Americans led 3-1. Hingis saved three set points on her serve at 2-5, but Querrey easily held in the next game to send the contest into a deciding super tiebreak.
The crucial point of the match came at 7-7, when Paes blocked Querrey's serve for a clean passing-shot winner. He then won both points on his serve to close out the match, hitting an overhead winner on their first match point and then lifting Hingis in celebration.