AFC Totton manager Stuart Ritchie believes the 3-1 scoreline flattered Truro City.
Ritchie saw Floyd Hamodu and Mike Gosney efforts cleared off the line but pinpointed the failure to award a first-half penalty against Truro skipper Tom Smith as the defining moment.
Totton were leading 1-0 when Smith appeared to haul down Mark Osman in the penalty area. But referee Philip Joslin waved away the appeals - and awarded a free kick against Osman for handball.
Ritchie said: "They couldn't handle Mark's pace all game and Tom Smith had already been booked so would have been gone.
"I'm very proud of the players. They couldn't handle us for long periods, but we should have got the second goal and should have won the trophy."
It all looked very promising when centre half Danny Potter gave Totton a 27th-minute lead when keeper Dan Stevenson dropped a Gareth Byres corner.
Ritchie said: "I thought 50-1 against Danny scoring the first goal was very generous because he's scored ten to 15 from centre half this year and there's no one stronger in the penalty area.
"I must admit I also thought it was a foul on their keeper just before he scored, but we deserved it because we dominated up until our goal.
"But they equalised at a terrible time for us and we were a bit flat at half time, which I could understand.
"We still started the second half brightly without taking our chances and their second goal looked like it took a slight deflection.
"I thought 3-1 was flattering because we had chances cleared off the line, and there was an elbow on Jamie Roden in the build up to their third.
"But it's all ifs and buts now."
Ritchie also thanked the incredible support from Hampshire, who outnumbered the Cornish contingent in the Vase final record 27,754 crowd.
He added: "The support was really good and for the lads to do what they've done is a major achievement and shouldn't be underestimated."
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