Price produced a clutch 11 darter in the deciding leg against Gabriel Clemens in an excellent contest between the pair winning 10-9 with a 102.8 average and five 180's.
'The German Giant' led to begin the tie taking control at 6-4 up to gain the early initiative in the match. Despite that though they went through the motions for the second half with both players exchanging the lead when it ended up at 6-6.
It looked like Clemens who would be most likely though after hitting a 177, 180 and 86 checkout en route to making it 9-8 and going one away but Price hit a 72 finish to send it all the way in a decider where he would have the throw and like alluded to he hit an 11-darter to deny Clemens.
Clayton hit a brilliant nine-dart finish on his way to a 10-8 victory over Chris Dobey - who has been one of the stars of this tournament with a 99 average as he became at the time the first player through.
He had to survive a late barrage from Dobey who came back to trail at 9-8 behind with two excellent ton plus finishes of 117 and 104 but this didn't prove enough with Clayton finding a late surge to edge over the line.
Click here for more information on the event which is known as the FA Cup of Darts.
Gerwyn Price 10-9 Gabriel Clemens
20:10 James Wade v Michael van Gerwen
21:10 Jelle Klaasen v Gary Anderson
22:10 Peter Wright v Daryl Gurney
Chris Dobey 8-10 Jonny Clayton
20:00 Jamie Hughes v Mensur Suljovic
21:00 Dimitri Van den Bergh v Kyle McKinstry
22:00 Rob Cross v Stephen Bunting