Maxine Smalley opened the scoring for Peel 3 minutes into the match and Sarah Wignall got their second 3 minutes into the second half.
Anna Dillon halved the deficit for Corinthians but Becky Corkish made it 3-1 after 65 minutes.
Jade Burden set up a tense finale by pulling a second goal back for Corinthians but with Player of the Match Kayleigh Greggor pulling off some crucial saves, Peel held out to win their first trophy for 18 years.
Peel could yet add the league championship and require four points from their last two games to be sure of completing the double.
Video – Peel’s decisive third goal.
Photo: IOMFA