In a rain-affected final, the Bulls claimed a 9-wicket win late on day five.
With Tasmania needing to win the game to claim the title, Queensland were given a sporting declaration from the Tigers in the final session of the match.
Tasmania set the Bulls 128 to win in 32 overs after making 1-166 earlier in the day.
Alex Doolan (82 not out from 74 balls) and Jordan Silk (74 from 78) batted aggressively for the visitors in the morning session before rain set in just before the lunch break.
Tasmania were on the hunt for wickets to book an unlikely victory when played resumed after tea, however Joe Burns and Renshaw batted with composure to propel the Bulls towards the title.
Burns' wicket with the score on 106 was a mere speed bump for Queensland who chased down the total for the loss of just one wicket.
The win was the Bulls 8th Sheffield Shield crown and first since 2011-12.