The 2003 Volvo Order of Merit winner shot a closing 65 to match Frazer’s 18 under par total of 262, Els holing a testing ten foot putt on the final hole to take the contest into extra holes.
Both players parred the first two extra holes before Els holed a 22 foot birdie putt at the par three 11th to record his 13th US PGA Tour title and become the first player to defend the Sony Open title since Corey Pavin in 1986-87.
It was also the second consecutive year that Els won the title after a play-off, following his victory 12 months ago over Aaron Baddeley.
Frazar, who led by one going into the final round, bogeyed the sixth and seventh holes to relinquish the lead to Els, who birdied five out of seven from the eighth to build a two-stroke advantage.
Els three putted the 15th before Frazar birdied from 21 feet on the 17th to join him on 17 under par. They both then birdied the par five 18th.
"I felt good going into today," Els said. "I felt my swing was coming around. All week, I was quite patient. Coming into today, I knew I had to get off to a pretty solid start, just play myself into the round. I actually had a number in my mind to try and shoot 64 because it was really calm again.
“I'm pretty close to doing really good things. I just want to stay on course. There's still things I can improve on, and I want to improve on, so, I've got to keep grinding away."
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