Palace claimed a second trophy in a matter of months to start the campaign with silverware, after a dramatic meeting with Liverpool under the Arch back in August.
The Reds started fast and claimed a two-goal lead, but Jean-Philippe Mateta halved the deficit before half-time against the then Premier League champions with a penalty.
Ismaïla Sarr then produced a wonderful finish late in the second-half to send the game to a penalty shootout.
Devenny, who as a substitute had nearly won the match in the dying moments of normal time with an effort that went just past the post, was then given the chance to win the shield.