The fourth seeded Indo-Swiss pair edged past unseeded Americans Bethanie Mattek-Sands and Sam Querrey 6-4 3-6 10-7 in a tricky final to win their third Major title together this season.
The 42-year-old Paes has now won nine Grand Slam mixed doubles titles, surpassing compatriot and former partner Mahesh Bhupathi's record of eight titles.
He is now behind only the legendary Martina Navratilova, who won 10 mixed doubles trophies. Of those 10, two came with Paes when they won Australian Open and the Wimbledon in 2003.
It was Paes' 17th Grand Slam title overall and Hingis' 19th. Hingis has won four Grand Slam titles and all of them have come with Indians.
She won her first mixed doubles trophy with Mahesh Bhupathi when they won 2006 Australian Open.
Hingis is also in contention in women's doubles, where she is partnering Sania Mirza. The two had earlier won the Wimbledon this year.
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