In a highly entertaining 90 minutes, Milton had seen Tyler Moret miss a penalty and George Roy shown a red card before half-time.
They hit back from a goal down to lead 2-1 before Jameson took the tie to penalties with a late leveller.
After 15 successful spot-kicks, Rovers keeper Tony Male saved from Kieran Clark.
Two-page cup final special in Saturday’s edition of The News.
. Milton Rovers lift the Victory Cup
Jayne White Photo: -
. Jameson Arms defend an indirect free-kick
Martyn White Photo: -
. Morgan Moret celebrates Milton Rovers' victory
Martyn White Photo: -
. Jameson Arms get ready to defend an indirect free-kick
Martyn White Photo: -
1. Jameson Arms defend an indirect free-kick
Martyn White Photo: -
2. Morgan Moret celebrates Milton Rovers' victory
Martyn White Photo: -
3. Jameson Arms get ready to defend an indirect free-kick
Martyn White Photo: -
4. Milton Rovers' Callum Glen, right
Martyn White Photo: -