With a 21-under-par 123 total, the duo defeated former winners Stewart and Connor Cink, newcomers Retief and Leo Goosen, and Fred and Taylor Funk by one shot to secure the $200,000 top prize.
Sandy Lyle and his son, Stuart, finished ninth in a field comprising of 20 pairings on 18-under-par.
Duval, who won the 2001 Open Championship at Lytham, has now add another piece of golf history to his trophy cabinet.
The PNC Father/Son Championship winners receive the Willie Park belts, named after the first father and son duo to win golf’s oldest major, Willie Park snr and jnr.
“This is as good as anything,” said Duval. “It truly is. I know it’s not winning The Players or something like that, but this is what the progression of life is.
“To be able to come out in a professional event and win and have the whole family here, I’ll never forget it.”
Colin Montgomerie had to settle for third spot in his final event of the 2016 campaign, the European Senior Tour’s MCB Tour Chanmpionship in Mauritius.
The three-time Senior major winner carded rounds of 68, 67 and 69 for a 12-under-par 204 total at Constance Belle Mare Plage.
He finished two shots behind double Scottish Senior Open champion Barry Lane, who closed with a 68 to pip Senior Open champion Paul Broadhurst by a stroke.
Broadhurst secured another prize - the John Jacobs Trophy - after topping the European Senior Tour Order of Merit in his first full season.
The Englishman accumulated earnings of €399,285, almost €190,000 ahead of his closest rival, Rookie of the Year Magnus P Atlevi who finished on €211,557.
“It was an important week for me to finish the season on a high,” said Broadhurst. “I didn’t want to finish 40th and chop my way around the course only to then accept the trophy.
“Being awarded it, it’s another goal achieved. I set out a few goals when I turned 50, to win tournaments and the Order of Merit, and I’ve achieved those. It has been a great 18 months since turning 50.
Two Scots - Clarke Lutton and Craig Sutherland - are sitting close to the lead after the opening round of the Alps Tour Qualifying School first stage at La Cala in southern Spain.
UAE-based Lutton carded a two-under-par 69 on the resort’s Europa Course to sit joint-second, a shot behind Englishman Oliver Roberts, with Sutherland also lying handily after a 70.
Lutton birdied the last two holes while Sutherland, a Kent-based Orkney Islander, signed for six birdies.
James McGilvray, the third Scot in the field, stumbled to an opening seven-over 78 to sit joint-39th heading into the second and final round.
Jack McDonald, Ewen Ferguson and Jamie Savage are all exempt into the final stage, which starts at the same venue on Thursday.
Russell Knox and Luke Donald tied for ninth in the Franklin Templeton Shootout in Florida.
The duo fnished with a 16-under-par total, leaving them 12 shots behind winners Harrish English and Matt Kuchar.
Knox and Donald both earned $78,750 for their efforts in an event that involved a scramble and modified alternate shot formats on the opening two days before concluding with better ball.