Raeford Worsham had 12 points, and Brandon Peterson had 10 points, seven rebounds and five steals for the Red Wolves (6-3).
Austin Peay (4-6) led 29-24 at halftime and shot 50 percent from the field for the game. Arkansas State shot just 38.5 percent.
Travis Betran led the Governors with 21 points. Chris Horton had 13 rebounds and 10 points. Anthony Campbell, who was 3 of 4 from 3-point range, scored 14 points.
The series between Austin Peay and Arkansas State started in the 1952-53 season. Austin Peay has won three of the last five meetings.