Paes and Black beat Ekaterina Makarova and Jaroslav Levinsky in straight sets 7-5, 6-3.
The last time the duo won a mixed doubles' title was the 2008 US Open.
Paes has been a former mixed doubles' champions at Melbourne Park and that triumph came in 2003 when he was partnering American legend Martina Navratilova.
Paes has so far won 10 Grand Slam titles, including six men's doubles trophies.
This victory puts Paes on a par with Mahesh Bhupathi as India's most successful Grand Slammer with a mammoth 11 trophies each.