Novosjolov, the two-times world champion, defeated France's Iván Trevejo in the men's final of the Grand Prix event.
The 34-year-old Atlanta 1996 bronze medallist defeated Switzerland's Benjamin Steffen 15-10 in the semi-finals after eliminating South Korea’s London 2012 bronze medallist, Jung Jin-sun, 15-12 in the quarter-finals.
Having finished 21st in the Qatar Grand Prix in December, Novosjolov made up for that disappointment by taking out the final in convincing fashion, beating Trevejo 15-6.
Steffen and the Czech Republic's Pavel Pitra both took the bronze medals for joint third place.
Italy’s Enrico Garozzo took fifth place in the final rankings, with Korea’s Jinsun Jung sixth and the Czech Republic’s Jiri Beran seventh.
Italy’s Gabriele Cimini, France’s Gautheir Grumier and Korea’s Kyoungdoo Park made up the top ten with eighth, ninth and tenth spots respectively.
The women's Épée final was won by South Korea's Shin A-lam who beat Romania's Ana Maria Brânză.
Brânză, the Beijing 2008 silver medallist, 2013 European champion and three-time World Cup series champion, had defeated Russia's Tatyana Andryushina 14-13 in the semi-finals.
However she had no answer to the South Korean Shin A-lam won the final 9-5, although Brânză’s runners-up spot bettered her finish of fifth place in the Qatar Grand Prix in December.
Andryushina and fellow Russian Tatiana Logunova shared the bronze medals in Budapest for third place.
Fifth place went to China’s Yujie Sun, with sixth taken by Brazil’s Nathalie Moellhausen, and seventh by Poland’s Magdalena Piekarska.
Making up the top ten are France’s Coraline Vitalis in eighth, Hungary’s Emese Szasz in ninth and Estonia’s Erika Kirpu in tenth.
The next Épée Grand Prix will take place in Rio de Janeiro from 22 to 24 May.