Her total of 195 also tied Ward's LPGA record for the lowest score in a 54-hole event.
"Obviously, I'm very pleased with the way I played this week," she said.
"I was not expecting to finish 21-under, especially when someone asked me earlier in the week what I thought the winning score would be. I said double digits."
Sorenstam's record-setting performance came a little more than a year after she became the first player in LPGA history to shoot a 59.
She had a chance to break Ward's mark, but missed a long birdie putt on the par-five 18th hole before tapping in for a par.
Michele Redman, Mhairi McKay and Danielle Ammaccapane tied for second at 10-under 206, one shot ahead of Kris Tschetter and Candie Kung.
"I can only look at what I did," said Redman, who only trailed Sorenstam by one shot after shooting an opening-round 64.
Bang on form
"Obviously, Annika played a great round, but I'm not going to compare myself with her."
Sorenstam started the day with a five-stroke lead over Ammaccapane, and never looked like letting it slip.
"This is probably the best I've played," the Swede said. "This week, the way I hit it was as good as I have in a long time."
It was Sorenstam's 35th career win and fourth of the year.
Final round leaderboard (US unless stated):
195 Annika Sorenstam (Swe) 63 67 65
206 Mhairi McKay (Gbr) 71 65 70, Danielle Ammaccapane 65 70 71, Michele Redman 64 74 68
207 Candie Kung 71 66 70, Kris Tschetter 70 69 68
208 Hee-Won Han (Kor) 70 71 67, Akiko Fukushima (Jpn) 67 73 68, Donna Andrews 70 68 70, Leslie Spalding 67 72 69
209 Vicki Goetze-Ackerman 67 69 73, Cindy Schreyer 72 68 69, Beth Daniel 68 74 67, Emilee Klein 69 71 69, Se Ri Pak (Kor) 70 68 71, Karrie Webb (Aus) 68 68 73, Dawn Coe-Jones (Can) 67 73 69
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