It took the top seeds only 70 minutes to wrap up the final 6-3 6-3 against the fourth seed Kazakh-Australian combination at Flushing Meadows.
There were no sparks in the final as both Dellacqua and Shvedova were off colour. They never looked like troubling the top seeds, who did not even need their A game to clinch the issue.
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Sania's ground-strokes from the back of the court and Hingis' agility at the net was too good for their rivals.
It was Sania and Hingis' second major title in a row, having won the Wimbledon championships earlier this season.
Sania now has five Grand Slam titles in her collection.
She won three mixed doubles trophies, the last one coming at this very venue with Bruno Soares in 2014.
In an extraordinary season, Hingis has won five Grand Slam titles this season, taking her overall number to 20. She won three titles with Paes and two with Sania.
"It's a great year for us. It's already been a great year for me. I became world number one. We were a solid team and were in with a chance in all Slams. We are happy to come through. I won mixed doubles here last year, great to come back and win this," Sania said after her win and also thanked the Indians out there in stands who came out to support them.
An elated Hingis said, "From the start we hit it off. Our games complement each other. Sania won her first Wimbledon, for me it is bonus. I volley better than what I used to (in her singles days)."
Shvedova committed a double fault in the second game at 30-all to give the top seeds a break point and then a superb return from Sania brought another opportunity but the fourth seeds saved both chances.
The top seeds did not have to wait much for next chance as they broke Dellacqua at love to take a 3-1 lead. But the advantage slipped soon as Sania was broken in the fifth.
Shvedova, who is getting married on Tuesday, surrendered her serve one more time, letting Sania and Hingis just walk away with the set.
Shvedova was far from the player she is as she was down by three break points in the very first game of the second set. The top seeds grabbed the opportunity and consolidated their lead with a solid hold.
Sania fired two stunning service winners on Dellacqua's serve as the Australian was broken at love in the seventh game. Hingis hit an overhead volley winner on the first match point after Shvedova's double fault at 40-all.
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