Wooster advances to Saturday's tournament championship game to face the winner of Thursday's game between Wabash and Wittenberg.
After trailing by 9 points early in the second half, Ohio Wesleyan had pulled to within 44-42 on a jumper by sophomore wing Andy Warnock with 13:15 left in regulation time.
Justin Bradley answered with a basket for Wooster, then hit another jumper on the Scots' next possession. Rodney Mitchell followed with a 3-pointer and P.J. McCloud hit a free throw before another Bradley basket gave Wooster a 54-42 lead with 10:15 remaining.
Warnock ended the Wooster run with a 3-pointer, then Schwab and sophomore guard Ross Rybarczyk hit 3-pointers to keep the Bishops in the game.
Wooster still held a 63-51 lead with 5:32 left in regulation time when Schwab started the Bishop comeback with a pair of 3-pointers and an old-fashioned 3-point play on Ohio Wesleyan's next 3 possessions, bringing the Bishops within 63-60 with 3:25 to go.
Blake Mealer scored on Wooster's next 2 possessions to make it a 67-60 game, and the teams traded points twice before Schwab struck again, drilling another 3-pointer to slice the deficit to 71-67 with :17 to play, but Wooster's Tom Port added a free throw to account for the final 5-point margin.
Ohio Wesleyan jumped to an early 10-4 lead as senior post Charlie Smith scored twice, Warnock hit a 3-pointer and Schwab had a free throw and a basket.
Wooster came back with a 9-2 run that featured 2 jumpers by Mitchell and a 3-pointer by Port. McCloud's lay-in capped the run and gave the Scots a 13-12 lead.
Schwab answered with a jumper that put Ohio Wesleyan ahead, 14-13, but Mitchell hit a 3-pointer that put the Scots ahead to stay. Wooster led by 7 points late in the first half and held a 32-29 halftime lead.
Schwab led the Bishops with 40 points, 8 rebounds and 4 assists. Smith added 12 points and Warnock finished with 10 points.
Schwab's 40 points raised his career total to 1985, and his 8 rebounds increased his career total to 760. On the Bishops' career lists, he ranks second in scoring and seventh in rebounding.
Mitchell led Wooster with 27 points. McCloud added 10 points, Bradley led the Scots with 9 rebounds and Port had a team-high 4 assists.
Ohio Wesleyan finishes the season with a 19-8 record, the Bishops' highest win total since the 1988 team posted a 27-5 record, and the fourth-highest win total in school history.