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After drawing 1-1 after 90 minutes, it took a total of 22 penalties to finally separate the teams - with Fabrizio Piccareta's side unfortunately coming out on the losing side.
The Giallorossi thus narrowly failed to become the first Italian side to win the prestigious youth tournament, which was hosted in Doha over the last 10 days.
In an exciting final, Roma took the lead through Mory Bamba - only to be forced into a reshuffle after defender and captain Mattia Ciucci was dismissed in somewhat harsh fashion.
That sent the Giallorossi into defensive mode, only for the game to change again when the Rangers captain Kyle McClelland was shown a straight red for a dangerous lunge just before half-time.
In the second half, despite a wave of Roma chances, it was Rangers who eventually equalised - as Callum Dickson drove home inside the box.
Roma pushed for a winner - with substitute Daniel Tueto Fotso and winger Matteo Cancellieri (who was subsequently named Man of the Match) both going very close.
But the game eventually went to penalties, where Rangers held their nerve as all 10 players were forced to take at least one spot-kick.
Nevertheless, it was a fine tournament for Piccareta's side - who beat the likes of Paris Saint-Germain and Spartak Moscow on their way to the final.
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