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The French pair recovered from a set down to beat Americans Coco Gauff and Jessica Pegula 2-6, 6-3, 6-2.
Mladenovic is one of 10 players who came in contact with France's Benoit Paire, who was pulled out from the men's field at the hardcourt major after testing positive for the new coronavirus.
Babos and Mladenovic won their second Australian Open women's doubles crown in three years, beating top seeds Hsieh Su-Wei and Barbora Strycova 6-2, 6-1.
Kristina Mladenovic and Caroline Garcia combined for the decisive point, grinding down Ash Barty and Sam Stosur 6-4, 6-3 in the doubles to seal France's third title in the team event.
On a day of scorching heat, France struck the early blow when Kristina Mladenovic thrashed Ajla Tomljanovic 6-1, 6-1 but the terrier-like Barty wrested back the momentum with her 6-0, 6-0 humiliation of Garcia.
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