Bracken showed why under-used Australian speedster Brett Lee wasn't rushed across from New Zealand for the Brisbane final by claiming 6-27 as Queensland lasted just 35.2 overs.
In reply, NSW were 26-1 on Friday when bad light led to an early stumps with Greg Mail (12) the only wicket to fall when he edged medium-pacer Shane Watson to Clinton Perren at third slip.
Bracken, who took 7-4 against South Australia earlier in the season, took advantage of the favourable bowling conditions to trouble the Queensland batsmen with his pace and swing.
He finished with the best figures in a Sheffield Shield final since NSW paceman Wayne Holdsworth took 7-41 in the 1992-1993 decider against Queensland.
Fellow quick Matthew Nicholson took 2-28 while Stuart Clark (1-25) and all-rounder Grant Lambert (1-17) also picked up wickets.
Queensland lost all 10 wickets in the middle session after the period before lunch was restricted to just six overs to persistent drizzle.
Only Martin Love and Andrew Symonds managed to put together any sort of partnership with the pair adding 42 runs for the fourth wicket.
Symonds topscored with 36 before Bracken ripped through the tail-order.