Despite fighting back from an early 22-point deficit, the Magpies' sluggish start to the match hurt its chances of returning the Thomas Seymour Trophy to Alberton.
A late screw punt inside Port's attacking 50 from Paul Stewart fell just one second short of a potential Magpies mark that would have set up a final shot at goal and potential victory.
Instead, it was a four-point heartbreak for the Port Adelaide faithful.
Forced to chase Norwood's tail for four hard, pressure-filled quarters, the stakes remained high for both clubs, but after an opening term where the Redlegs won the majority of contested ball, the Magpies were able to mount a comeback.
While Norwood proved strong in defence and attack and kept the Magpies to a low of six inside 50s in first term, while piling on six unanswered goals, Port Adelaide settled into its groove in the second quarter.
Thanks to the hard running and tackling from skipper Steve Summerton, Kane Mitchell, Paul Stewart, Ben Newton and Karl Amon, the Magpies started to get on top of Norwood in the contested ball and at stoppages as they worked desperately to peg back the deficit.
Midway through the second term, the Magpies had piled on five of the six goals kicked to close the margin to just five points.
A captain's goal to Summerton helped Port Adelaide get its nose in front as it neared the end of the first half, but a goal to Norwood's Bartlett gave the reigning premiers a seven-point advantage at the main break.
Lewis Stevenson and Tom Clurey were the Magpies' pillars in the back line and combined to record seven defensive rebounds by half time.
Desperation shone through in the third term, with the lead changing hands five times, and scores being tied more than once.
Aaron Young, Steve Summerton, Brendon Ah Chee, and Kane Mitchell were instrumental in sparking the Black and White into action, creating space and drive down the middle, while a goal to Hitchcock gave Port Adelaide a two-point buffer in the third term.
But Norwood was again able to get on the end of a late goal thanks to Sam Baulderstone to lead by four points at the final break.
Norwood's midfield and strong forward line helped push the margin back out to 11 points early in the final quarter, but a brilliant set shot from Nathan Krakouer on the boundary gave Port Adelaide's true believers some hope with less than five minutes remaining as he put the Magpies within five points late in the game.
Port Adelaide did not give up and continued to battle hard, but time got the best of the side as Norwood hung on to record their third consecutive premiership.
SCOREBOARD
PORT ADELAIDE 1.3 6.7 10.10 11.12 (78)
NORWOOD 5.1 7.8 11.8 12.10 (82)
GOALS
Krakouer 3, A. Young, Shaw 2, Amon, Summerton, Mitchell, Hitchcock
PORTADELAIDEFC.COM.AU’S BEST
Mitchell, Summerton, S. Gray, A. Young, Stevenson, Ah Chee
INJURIES
Heath (TBC)
CROWD
38,644 at the Adelaide Oval
