Rybakina returned to the site of her 2023 defeat to complete an impressive 6‑4 4‑6 6-4 win and capture her second major trophy after Wimbledon 2022, underlining her credentials as the player best equipped to puncture Sabalenka's hardcourt aura.
The 26-year-old capped a fortnight of relentless efficiency while largely flying under the radar, adding the Daphne Akhurst Memorial Cup to a sparkling resume which also includes the WTA Finals crown the Kazakh won by stunning Sabalenka last year.
"It's hard to find words, but I want to congratulate Aryna for her amazing results in the last couple of years... I hope we're going to play many more finals together," Moscow-born Rybakina said, before addressing her fans.
"I want to say thank you to you guys for the incredible atmosphere. Your support kept us going. Thank you to Kazakhstan. I felt the support from that corner a lot.
"It's really a Happy Slam and I always enjoy coming here."
In the first Grand Slam final since 2008 featuring players yet to drop a set, it was top seed Sabalenka who blinked first under the Rod Laver Arena roof as Rybakina came out all guns blazing to break in the opening game and take control.
The fifth seed's booming ball-striking caused all sorts of problems for twice champion Sabalenka, and Rybakina comfortably got to set point in the 10th game and finished it in style to send alarm bells ringing in her opponent's dugout.
Sabalenka levels in second set
Arriving with 46 hardcourt Grand Slam match victories from the last 48, four-times major winner Sabalenka found her groove and began the second set more positively, but Rybakina saved three breakpoints to hold for 1-1.
A wayward forehand from Rybakina handed Sabalenka the chance to level at one set apiece, and the Belarusian gleefully took it to turn the final set into a shootout destined to be decided by whichever player held their nerve.
Having beaten Rybakina from a similar situation in the 2023 title clash, Sabalenka unleashed a flurry of winners to go ahead 3-0, but the Kazakh erased the deficit and broke for 4-3 before securing victory to add to her All England club triumph.
The knockout blow was a thumping ace, following which the typically restrained Rybakina walked forward, smiled and pumped her fist before hugging her opponent and then celebrating with her team in the dugout.
Only a year ago at Melbourne Park, Rybakina was defending her coach Stefano Vukov, who had a provisional ban lifted by the WTA in August following an investigation into a potential breach of its code of conduct.
"I want to say thank you to my team. Without you it wouldn't be possible," Rybakina added.
"We had a lot of things going on and I'm glad we achieved this result. Hopefully we can keep on going strong this year."
Sabalenka, denied a Melbourne "three-peat" by American outsider Madison Keys in last year's final, endured the pain of defeat again and she retreated to her chair and draped a towel over her head to conceal her anguish.
"I'm really speechless right now," she said, before turning to her victorious opponent and the fans.
"I want to congratulate you on an incredible run and incredible tennis. Such an incredible achievement. I love being here, love playing in front of you all. You guys are incredible support. Let's hope next year is going to be a better year."