Sabalenka has not tasted defeat in New York since losing the 2023 final to Gauff, but there were doubts over her title defence following a poor run-up to the tournament.
After a strong start to the season that saw her win the 'Sunshine Double' at Indian Wells and Miami in March, Sabalenka suffered a quarter-final defeat at Roland Garros and a fourth-round exit at Wimbledon.
However, she has found her form again, dropping just one set en route to the final.
"I was super desperate," Sabalenka said after her win over Pegula.
"It feels for me, talking about Grand Slams, like a last push of the season.
"I wanted it badly to go to the finals, and of course, I want to go all the way."
In a tense opening first set, Sabalenka bristled with frustration early on as unforced errors crept into her game while Pegula settled quickly and struck the ball cleanly.
But eventually the four-time major singles winner found her rhythm and, after striking decisively at 6-5 to take the first set, she cranked up the power.
Pegula looked helpless as Sabelanka raced through the second set, with the Belarusian pounding 29 winners to her 12.
The victory sees Sabalenka break the Open era record for the most Grand Slam hard-court finals in a row, with the 28-year-old reaching every major final on her favoured surface since the 2023 Australian Open.
For 32-year-old Pegula - the only semi-finalist without a Grand Slam title - it is yet another US Open defeat by long-time rival Sabalenka.
Sabalenka denied the third seed a maiden major in the 2024 final, while she also got the better of her in last year's semi-finals - although Pegula had won their most recent meeting in June's Berlin Open.
"I do think she probably would have beaten 99% of people," Pegula said.
"Probably the best match she's played this year."

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