Trailing 5-down to Commonwealth member Drakeford at various stages, Smith fought back to win his maiden Australian Amateur title with a 3&2 victory.
"I'm gobsmacked, I can't even believe I came back from that," Smith said.
"I played some good shots and put him under pressure and holed some putts. I thought if I could him get down the last hole I was in with a shot but turns out I got it done before that which was quite nice."
"Mum was pretty stoked when I told her, she was just yelling and couldn't get a word out," Smith said.
Smith earns an exemption into the 2013 Emirates Australian Open with his victory.
"It's definitely a good start to 2013 and hopefully this form can carry through to the next few tournaments,"Smith added.
In the Australian Women's Championship, Western Australia's Minjee Lee cruised to a 6&5 victory over South Australian-based Korean Jenny Lee in today's final.
Minjee was in control for much of the match and it was a chance for the Royal Fremantle member to go one better than her narrow loss in the final in 2011.
"It feels amazing. It's such an honour to win this tournament. It's been a long week so it's a great reward," Lee said.
Lee, the current US Girls' Junior Champion, said she felt she could respond when she was challenged.
"I felt I could always get back up if I was down," she said.
Lee's grandmother and mother were also there to watch her victory.
"Mum said afterwards she was going to have a heart attack a couple of times, but she's proud of me," Lee said.
Lee earns an exemption into next month's ISPS Handa Women's Australian Open at Royal Canberra Golf Club from 14-17 February.
"It's an LPGA event so it will have a great field and I'm really looking forward to it," Lee added.