Littler moved 2-0 ahead before Van Gerwen hit back to move 3-2 legs in front but the pair could not be separated with the current PDC World Youth Champion close to a 145 checkout before levelling at 4-4.
They went into the final leg locked at 5-5 and both hit 180s but Van Gerwen missed the bull for victory before Littler failed to convert two darts at double 10 to allow his rival to hit double four to win.
Littler had beaten Luke Humphries and Rob Cross on the way to the final with Van Gerwen dispatching Michael Smith and Nathan Aspinall.
"It's good. I hope we can keep it that way as well," Littler told Sky Sports.
"In this format, in the Premier League, you have to be good week after week. It's non-stop and I think that was good for me.
"I was always putting energy into my game and that helps me in the long run.
"It is only week two. Everyone was saying 'last week you lost in the first round'. Don't worry, it's not a sprint, it's a marathon."
Van Gerwen moved through to Thursday's Night Two showpiece with hard-fought wins over Nathan Aspinall and Night One winner Michael Smith, before surviving a late scare to overcome Littler.
Van Gerwen reeled off five consecutive legs from 4-1 adrift to see off Aspinall in the quarter-finals, after fending off a blistering early barrage from the World Matchplay champion.
The Dutch superstar then edged out table-topper Smith in the semi-finals, producing an 11-darter in the decider to avenge his defeat to the St Helens star seven days ago.
"To have games like this against Luke Littler is always good," reflected Van Gerwen, who moves up to second in the embryonic Premier League table.
"I think it was a fantastic night for darts, and I'm really pleased with my own performance today.
"I played well, especially in the important moments, and I was able to keep the pressure on my opponents.
"Sometimes my energy levels in certain games hasn't been great, so you need to find solutions, and this is a key moment for me today.
"I feel good, I feel comfortable, but there is more to come."
