Apple's Jade was sent off a 2/5 favourite for the Listed contest over two and a half miles, with Limini an easy-to-back 3/1 chance on her return from a 298-day absence.
And for much of the race, things appeared to be going to plan for Bryan Cooper aboard the favourite, the pair taking over from Whiteout at halfway to make this a real test in a bid to expose any fitness flaws in their main rival.
However, from 10 lengths adrift at halfway, Limini was allowed to creep closer as the race developed and she was going best as the pair jumped the final flight almost as one, before Limini's superior turn of foot saw her secure a cosy success.
Winning jockey Ruby Walsh said: "We kind of steadied up from the fourth-last, it turned into a bit of a sprint to the last and we always knew she wasn't short of pace.
"It was a good performance and onwards and upwards.
"I'd say she jumped better than last season. She was very slick and very accurate.
"Fingers crossed she'll come out of the race well and she can start her prep for Cheltenham next week."
Trainer Willie Mullins added: "The conditions didn't suit us and we didn't have a run all season, so I didn't really know what to expect.
"The fact that Ruby didn't even have to pick up his stick means she has improved a fair bit from last year.
"I'm hoping that will bring her along nicely. The mares' race (at Cheltenham) is what I have been aiming for.
"She has run a stone better than I thought she would."
Mullins won the same race with Annie Power 12 months ago before she was supplemented for, and won, the Champion Hurdle.
Asked whether he could follow the same route with Limini, the trainer added: "You wouldn't know the way things are going, but we are not going to discuss that."
Gordon Elliott was not too disappointed with the performance of Apple's Jade.
He said: "There are no excuses and she was beaten by a better horse on the day.
"The plan is still the Mares' Hurdle at Cheltenham.
"A bit better ground and a stronger gallop would suit her better."
Sky Bet cut Limini to 2/1 for the OLBG Mares' Hurdle at the Festival, a price which makes her favourite from Vroum Vroum Mag and Apple's Jade, both of whom are out to 9/4.
Spokesman Michael Shinners said: "Apple's Jade and Vroum Vroum Mag both have other options and Limini now looks the one to beat in the mares' event.
"There had already been money for her, ever since we went non-runner, no bet, and she's now halved in price again from 4/1 this morning."
