Tipsarevic takes first title in Kuala Lumpur
The world number 17 had been runner-up on four previous final appearances, but won at the fifth attempt to become the 10th first-time winner on tour this season.
The 27-year-old might have feared the worst when he slipped 0-3 down at the beginning of the contest against a confident Baghdatis.
But the Cypriot lost his way and Tipsarevic broke him twice to seal the first set.
Tipsarevic looked close to wrapping up the contest with a double break to lead 4-1 in the second set, before Baghdatis pegged him back to 5-5.
But the Serb bounced back once more, reeling off the two games he needed to take the title.
"It wasn't my day today,” conceded the unseeded Baghdatis. “Janko played great. He deserved to win, he was more aggressive. You just have to say ‘well done’ to Janko for a great week and a great year overall.
"I played some great tennis this week and I hope I can keep it up for the rest of the season."