The Titans at one point held the upper hand and looked as if they would finally claim the club's first piece of silverware, but Newcastle managed to push ahead 24-18 with a pair of tries in the final ten minutes and then hold their defensive line to get the job done.
After taking the lead 12 points to 8 into the halftime break, the Knights conceded a pair of tries to fall behind in the second half.
The two tries, as well as the game's opener, were all for Jamie Chapman, whose grand final hat-trick came to nothing for her Titans outfit.
In a game where she also laid on two of the first three tries for the Knights and ran for 188 metres, Upton would score twice in the final ten minutes to launch the dramatic comeback.
The first saw the Dally M Medalist run through the line to score to tie the game, before she was able to dive on a kick for the second and take the lead just two and a half minutes from fulltime.
Goal kicking let the Knights down in the five tries to three win, but Jesse Southwell stepped up when it mattered to slot the final two conversions and hand the Knights the six-point lead they'd ultimately manage to cling onto.
The Knights, who scored first half tries through Jasmine Strange and Sheridan Gallagher saw Yasmin Clydsdale and Caitlan Johnston among their best, while Jesse Southwell had three tackle breaks in a dangerous performance.
It means they have gone back-to-back, having knocked over the Parramatta Eels in last year's decider.
The Titans, on the other hand, will continue to build into 2024 off the 2023 decider given they turned a wooden spoon result around from last year.