Rhinos came back after they went a goal down in the 25th minute courtesy a Simon Child goal.
Manpreet Singh (63rd minute) scored a late goal to send the capacity home crowd into wild celebrations after Austin Smith had restored parity in the 55th minute.
The final witnessed was fast and free-flowing hockey from both sides with the Rhinos dominating the first quarter.
The Waveriders, however, picked up their game in the second quarter and scored against the run of play in the 25th minute through Simon Child to silence the capacity crowd.
An opportunistic Child slammed the ball into the right corner of the Ranchi post after picking up a loose ball inside the 'D'. Earlier in the day, Uttar Pradesh Wizards rode on a virtuoso effort from captain V R Raghunath’s who scored four goals, to finish third, defeating Jaypee Punjab Warriors 4-3 in the bronze medal play-off match.