His teammate, Briton Nigel Mansell, took pole position and led until he lost a wheel nut with six laps remaining.
Piquet's compatriot Ayrton Senna finished second in a Lotus-Honda, with Frenchman Alain Prost third in a McLaren-TAG.
Piquet went on to take his second consecutive win in his Williams-Honda, after team-mate Nigel Mansell lost a wheel nut with six laps remaining.
The final championship point was claimed by Derek Warwick in his Arrows-Megatron, who was battling with influenza and conjunctivitis.
Numbers in brackets refer to positions of normally aspirated entrants competing for the Jim Clark Trophy.