Micheluzzi produced a stunning birdie blitz to reel in the leaders down the stretch with a blazing final-round 10-under-par 61 on Sunday.
The rampant Victorian played the last 10 holes in nine under and only needed 27 shots to negotiate the back nine.
Officials believe Micheluzzi's 25-under-259 tournament total is the lowest score for a 72-hole tournament ever on the PGA Tour of Australasia.
The 26-year-old finished four strokes clear of joint runners-up Deyen Lawson (63) and third-round co-leader Daniel Gale (67).
Exciting teenage amateur Jeffrey Guan (69) was outright fourth, two shots further back at 19 under.Â
Already sitting atop the PGA Tour of Australasia Order of Merit, Micheluzzi's second win of the summer further increased his lead in the season-long points standings.
With only five events remaining, the Victorian is a hot favourite to win the Order of Merit, which offers not only a ticket to the prestigious European Tour but entry to the 2024 British Open at Royal Troon.
LPGA Tour player Sarah Kemp (66) was the leading woman at the dual-gender event, finishing equal fifth at 17 under with last year's TPS Sydney runner-up Brendan Jones (66) and Lawry Flynn (66).
Women had won the two previous events on the 2023 Webex Players Series, with Korean Min A Yoon taking out the TPS Victoria and Sarah Jane Smith the TPS Murray River.
But after Grace Kim led by three shots at the halfway point on Friday night, the women's hat-trick bid faltered over the weekend.
Su Oh was the second leading female in a tie for 11th at 15 under, with Kim two shots further back in a share of 20th.
Micheluzzi was labouring along four shots off the pace before beginning his incredible charge with an eagle three at the par-5 ninth.
He followed up with seven birdies in his next eight holes and had a 20-foot putt at the last for a round of 60, a score only Paul Gow, four-time major winner Ernie Els and Flynn on Saturday at Bonnie Doon have ever carded in a 72-hole Australasian Tour event.
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