After a cagey first half, the Sky Blues came flying out of the blocks at the start of the second half, with goals from Jordan Willis and Jordan Shipley seeing them take control of the contest in the opening 10 minutes after the restart.
Find out how all of the action unfolded courtesy of Sports Mole's minute-by-minute updates below.
Five points separated these two sides in the regular-season table but it is all down to what happens on the day here, with one of them just 90 minutes - maybe more if extra time is needed - away from promotion from League Two.
It promises to be a memorable occasion at Wembley, so let's waste no time in having a look at the team news...
Well, we'll start with the Coventry side, and it is no great surprise that manager Mark Robins has opted for an unchanged team to the one which performed so well in the semi-final second leg against Notts County.
Coventry produced a very impressive performance that day and a similar one here may will be enough to win them promotion back to League One, so Robins has resisted any temptation to change the winning formula.
Bayliss and the ever-dangerous Marc McNulty were also on the scoresheet for that 4-1 triumph 10 days ago, and no doubt that that trio will be hoping to make themselves the heroes again this afternoon.
The striker has already made himself a Coventry hero since arriving from Sheffield United just last summer due to that goalscoring streak, netting 23 times in the league alone to help fire the Sky Blues into the playoffs.
That run includes scoring 12 goals himself and setting up a further six, so he is very much the form player coming into this match - arguably more than any other player in the top four tiers of English football at the moment.
Like McNulty, Stockley only joined last summer, coming down from Aberdeen, but he has hit the ground running with 19 League Two goals during the regular season and one already in the playoffs.
Today's match has been tipped as a straight shootout between those two prolific strikers, although often on these big occasions it is an unlikely name who pops up to be the hero, and both Stockley and McNulty will need plenty of help from those around them this afternoon.
Woodman comes into the team in his place, with the 35-year-old having been a regular feature of the Exeter team this season.
That in turn is likely to see Moxey push forward into a move advanced left midfield role alongside Taylor, Tillson and Boateng in midfield.
Just four points separated the Grecians from a top-three place, whereas they were five points above Coventry at the end of the season. Only the top two teams more more games than Exeter in the regular season too, so they should be full of confidence heading into this match.
Exeter are only the second team to reach the fourth-tier playoff final in consecutive seasons, after Blackpool managed the feat in 1990-91 and 1991-92. The omens look good for the Grecians too, as Blackpool won promotion at the second attempt then.
However, that run was ended by today's opponents back in September as Coventry inflicted a first defeat of the season on Exeter, who went on to win just three of their next 11. Indeed, Exeter never really strung together a long run of wins after that defeat, although they did do enough to keep themselves in the mix for automatic promotion throughout.
That recent run includes their semi-final, of course, which saw them beat Lincoln 3-1 on aggregate. All of those goals came in the home second leg for Exeter after the two sides played out a goalless stalemate at Sincil Bank Stadium in the first leg.
The Exeter fans will no doubt be looking to turn Wembley into a taste of St James Park today, but they picked up only four wins from their final 19 away games in League Two this season, so do not fare anywhere near as well away from home as they do in front of their own supporters.
The first two of those came in the Conference when they lost to Morecambe in 2007 before redeeming themselves with victory over Cambridge one year later, and they will be hoping that it is a similar story this time around after being beaten here by Blackpool in last season's playoff final too.
Tisdale became the longest-serving manager in Britain when Arsene Wenger stepped down from his role at Arsenal earlier this month, but he is now odds-on favourite to take over at MK Dons. If this does prove to be the final match of his 12-year reign, he will be desperate to make it a winning finale.
Last season's relegation saw them consigned to fourth-tier football for the first time since 1958-59, but today they have the chance to bounce straight back up into the third tier, and they will no doubt be hoping that sparks a similar rush of promotions which led them into the top flight around 50 years ago.
That, of course, culminated in their relegation from League One last season, and they have not found things particularly straightforward in League Two either this term.
Indeed, it was a pretty inconsistent campaign throughout for the Sky Blues, who have not won more than three games in a row at any stage throughout the league campaign. You never quite know what you are going to get from Coventry, and that was evidenced just last month when they were beaten 4-2 at home before winning 6-1 away just five days later.
Like Exeter, the Sky Blues were held to a draw in the first leg, although that gave the edge to the opposition with Coventry only avoiding a home defeat courtesy of McNulty's 87th-minute penalty. However, a 4-1 win at Meadow Lane saw them clinch a 5-2 aggregate triumph.
The Sky Blues won five and lost just one of their last eight games on the road, while throughout the whole season only Luton conceded fewer goals on their travels. Indeed, home and away Coventry's defensive record was impressive, with only the top two conceding fewer goals and keeping more clean sheets.
Interestingly, the Sky Blues will be wearing a one-off kit today after they ran out of this season's home kit, returning to a striped kit which will no doubt evoke memories of the 1987 FA Cup final here when Coventry beat Tottenham Hotspur on their first ever Wembley appearance.
Indeed, this will be Mark Robins's second time taking charge of Coventry at this famous stadium, and he will be hoping for more success after leading his team to a 2-1 victory last April.
This is a difficult one to call as it genuinely could go either way. The regular season form suggests that Exeter should be favourites, but Coventry are the club more suited to these bigger occasions. It is such a close one to call, but we're just going to lean towards the Sky Blues.
SPORTS MOLE SAYS: Exeter 0-1 Coventry
This will be the 53rd meeting, and from the previous 52 Exeter just about hold the edge with 20 wins to Coventry's 19, and 13 draws too.
The most recent of those came in January when Ryan Harley scored the only goal of the game after just seven minutes at St James Park, but Coventry ran out 2-0 winners at the Ricoh Arena in September to end Exeter's unbeaten start to the campaign.
The first goal has proved to be crucial on all of those occasions, and it could be the case again today; in eight of the last nine League Two playoff finals, the team to have broken the deadlock has gone on to win promotion.
EXETER STARTING XI: Pym; Sweeney, Storey, Moore-Taylor, Woodman; Taylor, Tillson, Boateng, Moxey; Stockley, Harley
COVENTRY STARTING XI: Burge; Grimmer, Willis, Hyam, Stokes; Bayliss, Doyle, Kelly, Shipley; McNulty, Biamou
Both teams have enjoyed spells in the ascendancy throughout the opening 45 minutes, but there has been a general lack of quality in the final third. Any saves have been routine ones from both keepers, and there will need to be more attacking ruthlessness if this game is going to be decided within 90 minutes.
McNulty has looked the most likely for the Sky Blues with a number of efforts, some of which have forced simple saves from the keeper and others which have missed the target altogether. He would no doubt have expected more from himself considering his brilliant form this calendar year.
The Grecians have mostly gone for long balls forward to Stockley which have not yielded much joy, so it will be interesting to see whether they change their tactics at all in the second half.
Willis collects the pass with a fine first touch which takes him past one defender and he then curls a beauty of a finish into the far corner from just outside the area. That is the moment of quality we needed!
The first goal was pure quality, but this one is more about luck as Shipley collects a pass from McNulty before seeing his drive deflect off a defender and loop over the keeper into the top corner! There is a long, long way back for Exeter now!
1 - Jordan Willis has scored his first league goal (inc. play-offs) for Coventry since December 2016 vs Peterborough, 513 days ago. Timely.— OptaJoe (@OptaJoe) May 28, 2018
38 - Marc McNulty has been directly involved in 38 goals in all competitions this season (28 goals, 10 assists) – 24 more than any other Coventry City player. Phenomenal. pic.twitter.com/WvEqmdFInT— OptaJoe (@OptaJoe) May 28, 2018
Bayliss and McNulty are both involved in the buildup, with the latter teeing the ball up to Grimmer on the edge of the box. From there there full-back curls a beauty into the top corner, leaving Pym no chance whatsoever.
Edwards collects the ball on the left flank and cuts inside onto his right and firing a really good finish into the far corner, leaving the keeper no chance. Another good goal in this game!
Ultimately Coventry's second-half display took the game away from Exeter following a dull an uneventful first half, with goals from Willis, Shipley and Grimmer sealing promotion for the Sky Blues, with Edwards providing scant consolation late on for Exeter.
Thank you very much for joining Sports Mole for today's Wembley showdown as Coventry are left celebrating promotion to League One at Exeter's expense. I will leave you with our match report, and be sure to stick around for reaction too.
From me, though, it is goodbye for now!