Durrant switched to the PDC at the start of last year.
Sherrock began in hot form in the first-round tie, but four missed match darts across two legs cost her dearly as Smith took five straight legs, including a 109 checkout to take the thrilling decider.
The Dutchman’s reign in the Premier League is over after defeat on Saturday night
Van Gerwen had won only two of his previous seven matches on night 15.
Gary Anderson and Peter Wright inched towards a play-off spot.
More drama at Milton Keynes.
The Middlesbrough thrower leads by four points after only one defeat in 12 games.
Michael Van Gerwen and Gary Anderson complete the top four.
Van Gerwen moved above Glen Durrant on leg difference
The Dream Maker claimed his first ever televised title.