Keita flighted a cross towards Khalfan Ibrahim on the edge of the six-yard box and as the midfielder jumped with Sim, the defender flicked the ball past Kim Min-Sik in the Jeonbuk goal and the sides went in level at the break.
Saqr comfortably held Jeong's low shot from outside the box as the second-half got under way before Kim Dong-Chan was presented with a sight of goal but the substitute could only sidefoot straight at the keeper from 10 yards.
Al Sadd then took the lead in the 63rd minute when a low cross from the left picked out Keita and the striker spun and fired into the bottom corner from just inside the box.
Kim Dong-chan met Eninho's in-swinging corner with a header that came back off the far post and the midfielder's subsequent overhead kick was cleared off the line before Jeong blazed over from inside the area.
After the first three spot-kicks all found the back of the net, Kim Dong-chan had his effort saved by Saqr before Al Sadd's Lee Jung-soo calmly strode up but sidefooted his penalty against the underside of the bar.
Nadir Belhadj converted the winning penalty as Al Sadd lifted the 2011 AFC Champions League trophy following a dramatic final against Jeonbuk Hyundai Motors at the Jeonju World Cup Stadium.
AFC's Man of the Match: Abdul Kader Keïta (Al-Sadd) Assistant referees: Abdukhamidullo Rasulov (Uzbekistan) Bahadyr Kochkarov (Kyrgyzstan) Fourth official: Tan Hai (China P.R.)