The fifth seeds saved two set points in the first-set tiebreak before breaking once in the second to clinch their first grand slam title together.
Black hit a crucial volley to save the first set point and Murray, who won the mixed doubles at Wimbledon in 2007 with Jelena Jankovic, netted a volley on the second.
Murray was the only man to lose his serve, in the fifth game of the second, and Paes served out for his eighth grand-slam title, while Black has now won seven, including three mixed.
Black and Huber will join up in the final of the women's doubles when they play American Lisa Raymond and Australian Sam Stosur, the 10th seeds.
Paes will be looking to win the men's doubles title when he and Czech Lukas Dlouhy, the seventh seeds, play American twins, Bob and Mike Bryan.
It was almost a decade back that Paes last won two titles at a Grand Slam event, capturing the men’s doubles and mixed doubles crowns at Wimbledon in 1999. With the mixed doubles title in his pocket, Paes now gets another chance at a double.
Paes and Dlouhy sprinted into the men's doubles final by pulverising Argentine duo Maximo Gonzalez and Juan Monaco 6-2, 6-0 while the Bryan twins beat Tommy Robredo of Spain and Sergio Roitman of Argentina 6-2 6-1 in their semifinal.
"When you finish the semifinals of a Grand Slam in 46 minutes, you'll always be pleased. It's one of the fastest matches I have ever played," Paes told reporters. "It's exactly what the doctor ordered because they packed the schedule in and made me play twice yesterday and made me come back in early today. So good to get a quick match in."
After crisscrossing the world a few times over since turning professional in 1991, it is little wonder Paes has lost count of the number of partners he has had over the years.
But the one thing he is grateful for is that his 35-year-old body is still holding up and allowing him to challenge for the big titles.
“I've played so much tennis in the last fortnight, that hitting the ball is the least of my worries. I'm seeing the ball like a watermelon, so it's just about keeping the being healthy,” said the Indian.