The American John Cook took second place four shots behind Frost, South Africa's Ernie Els and Fred Couples, of the United States, finishing joint third on 284.
Frost went into the final round virtually assured of victory after the disqualification on Saturday of Price, the joint leader after the third round. The Zimbabwean, who won the US PGA title this year, was scratched when he refused to sign his scorecard, losing his temper over a two-stroke penalty.
Faldo, meanwhile, was disqualified for submitting a scorecard which showed the correct total of 72 for Saturday's round, but recorded a par four for the final hole when in fact he had scored a five.
Frost, with Price for a partner in the third round, said that his good start yesterday - he birdied the first two holes - had helped him put the disqualification behind him. 'The incident was on my mind the whole time from when we finished on the Saturday to when we teed off for the final round,' he said.
He said the scratching of Price had not diminished the value of his win. 'It was just as big a challenge when I went two shots ahead of Cook to hit the shots I did coming in. Over the last nine holes I just fired straight at the flag.'
Frost, having seen off a field containing the world's top players, felt confident he could do well in the majors next season. He said his game had improved sharply in May this year when he changed the shafts on his clubs, which had been too stiff. 'Accidentally they put the wrong shaft in my sand wedge. It felt fantastic and I changed the whole set.'
Couples recorded the lowest final round, a 67, to pull ahead of the German Bernhard Langer, the defending champion. Alongside Couples was Els, who had been among the leaders after the second round but who had a 77 on Saturday.
MILLION DOLLAR CHALLENGE (Sun City, South Africa) Final scores: 276 D Frost (SA) 70 69 68 69. 280 J Cook (US) 73 68 70 69. 284 F Couples (US) 74 70 73 67; E Els (SA) 70 69 77 68. 286 B Langer (Germany) 73 69 74 70. 292
J-M Olazabal (Sp) 72 73 75 73. 296 I Woosnam (GB) 75 73 75 73. 297 C Parry (Aus) 74 75 76 72.Reuse content