The agreement means that children, students and senior citizens will be able to attend the showpiece game on May 30 for just £5.
It will therefore cost a family of four from just £60 to attend the match at the National Stadium.
Concessions will also be available for the first time in the North Stand, with the best seats in the house priced from just £10.
The prices were agreed by all parties with the aim of encouraging neutral supporters to watch the final and enjoy the occasion as well as ensuring that every Inverness Caledonian Thistle and Falkirk fan can attend the game.
SFA chief executive Stewart Regan said: “This year’s William Hill Scottish Cup final promises to be a wonderful occasion, one that will capture the imagination not just of Falkirk and Inverness Caledonian Thistle fans, but their respective communities at large.
“On behalf of the Scottish FA, I would like to thank both clubs for their positive contributions to the plans for the final, and wish them the best of luck on May 30th.”
Premiership high-flyers Caley Thistle are aiming to win the competition for the first time in the club’s 21-year history, while the Championship Bairns are aiming for their first Cup triumph since 1957.
The Highlanders boast an average home attendance of just 3,800 and Falkirk only 4,300.
Inverness chairman Kenny Cameron said: “This will be very much a ‘family final’ and with youngsters able to attend for £5, I hope supporters will feel that the pricing meets their pockets and that it also appeals to neutral followers.
“I’m pleased that we, Falkirk, and the Scottish FA were able to reach a timely and amicable agreement on ticket prices, and we’ve already received an impressive volume of enquiries as the countdown to the final gathers momentum.
“There will be a major exodus from the Highlands on the day plus we’ll have supporters travelling from a range of countries. It should be a memorable occasion.”
Falkirk executive director Ronnie Bateman added: “There has been a huge number of enquiries about tickets already, not only from our own supporters, but from neutrals.
“I think everybody realises it’s going to be an exciting afternoon of football and a game which will be in the ‘not-to-be-missed’ category.
“We’ve had fruitful talks with Inverness Caledonian Thistle and the Scottish FA, and all parties are committed to making sure that fans get their tickets with ease, and at an affordable price, for what promises to be a great family day out.”