Darryl Duffy's 16th goal of the season won the Bell's Cup for Falkirk at McDiarmid Park.
Neill Scally and Darryl Duffy were on target for Falkirk
Ross County went ahead after 56 minutes when David Winters ran on to a John Rankin pass to send a neat chip over the advancing Allan Ferguson.
But Bairns substitute Neill Scally levelled the game after 70 minutes with a wonderful strike from 25 yards.
The cup was won five minutes later when Duffy was on hand to bundle the ball home after Pedro Moutinho hit the post.
"It means a lot to the players to get a trophy," Falkirk skipper Kevin James told BBC Sport. "And, hopefully, the league will follow.
"It's a great day for the club and there a lot of excitement around at the moment with the buzz of the new stadium."
Falkirk: Ferguson, Lawrie, McPherson, MacKenzie, Campbell, James, O'Neil, Nicholls, Thomson, Latapy, Duffy. Subs: Moutinho, Scally, McBreen, McAnespie, Hill.
Ross County: Garden, Robertson, McCulloch, McCunnie, Canning, Lauchlan, Cowie, Adam, Higgins, Rankin, Winters. Subs: Malcolm, Kilgannon, McGarry, McSwegan, Stewart.
Referee: K Clark