The two sides finished the allotted time with the score 2-all.
The game was forced into two 15 minute periods of extra time, where both teams had a chance to take the spoils.
Swan Hill added a third goal after their captain took a quick free kick.
They were able to hold onto that narrow lead for the remaining 10 minutes of the match.
Playing coach Josh Perizzolo said it was a disappointing end to such a high energy match.
“Swan Hill started the match with high intensity and although we were prepared for it, it took us 15 to 20 minutes to settle into the game,” he said.
“We were fortunate to head into the break at 0-0, but both teams had chances to break the deadlock.”
The second half started more positively, with some great build-up and combination play through the midfield.
Swan Hill was awarded a penalty against the run of play and converted to put Wanderers behind with 30 mins to play.
The squad responded well, forcing some brilliant acrobatics from the opposing goalkeeper on a number of occasions.
A long-range Mark Plant free kick found a Perizzolo head in the box, who showed composure to beat the keeper to even the score with 25 minutes to play.
The attacking pressure continued and the Wanderers took the lead via a Bruce Maunganidze finish at the near post.
Despite some valiant efforts in defence and multiple saves from Wanderers goalkeeper Martin Blake, a free Swan Hill winger was rewarded when a cross found him on the far post making scores level with only two minutes remaining.
“Although the result didn't go our way this time, we have established the Deniliquin Wanderers as a force to be reckoned with in the Bendigo Amateur Soccer League,” Perizzolo said.
“I commend all of the players on their conduct throughout the grand final and season as a whole.
“They have all upheld the strong reputation of the club and played within the spirit of the game.
“I would also like to acknowledge the contributions of committee members, officials and families that have helped the club out throughout the year in one way or another.
“In particular, I would like to thank fellow coach Sophie Merrylees for her time and effort in conducting training sessions and managing the team every weekend.
“Unfortunately, I will be leaving Deniliquin and The Wanderers this year but I have very fond memories of my time with the club and I wish them a long and successful future.”