Bowe broke the mark of 1:12.68 set by Christine Nesbitt of London, Ont., in Calgary on Jan. 28, 2012.
"I daydream about it," Bowe said. "I've dreamed in my sleep about it. When it becomes a reality and finally hits you, it's a dream come true."
American Heather Richardson was second in 1:12.61, and the Netherlands' Ireen Wust followed in 1:13.33.
Bowe set her sights on winning the race after finishing second a day earlier. Setting a record didn't really cross her mind until the final lap.
"I knew if I could just hang on, it would be a really fast time," Bowe said.
In the women's team pursuit, Nesbitt, Winnipeg's Brittany Schussler and Regina's Kali Christ won silver for Canada in 2:56.90. The Netherlands won gold in 2:56.02, while the United States was third in 2:57.09.
"I guess we built a lot off last week (where we were fourth) and tried to come up with a bit of a new tactic," Schussler said.
"It wasn't perfect but it was a definitely a step in the right direction. We're definitely excited to be back on the podium where we belong and looking forward to Berlin and taking another step up the podium."
Japan's Keiichiro Nagashima won the men's 500 in 34.24 seconds. The Netherlands' Ronald Mulder was second in 34.25, and South Korea's Mo Tae-mum was third in 34.28. American Mitchell Whitmore was seventh in 34.52.
The Netherlands swept the top three spots in the men's 5,000. Sven Kramer won in 6:04.59, Bob de Jong was second in 6:07.43, and Jorrit Bergsma third in 6:08.13. American Jonathan Kuck finished fifth in 6:09.73.