Friberg's shootout goal, through the five-hole, was the clincher for the Swedes, who also received a shootout goal by the first shooter of the session, Collberg. Joel Armia struck in the shootout for Finland.
Finland captain Mikael Granlund had an opportunity to even the shootout at 2-apiece, but he fanned while trying to move the puck on his backhand.
Friberg, property of the Anaheim Ducks, scored off a turnover with just 1:44 remaining in the third period to pull his team into a 2-2 tie.
Friberg gained his opportunity from prime position in the slot after teammate Johan Sundstrom leaped to snare an attempted clearing attempt along the glass by Finland goalie Sami Aittokallio.
William Karlsson pulled Sweden to within 2-1 on a power-play goal just 3:11 into the third.
Finland's Simo-Pekka Riikola was whistled for hooking at 2:38 and the Swedes would make him pay 49 seconds later when Karlsson drove the slot and had the puck deflect off his leg and behind goalie Sami Aittokallio.
Armia skated in on Swedish goalie Johan Gustafsson and snapped a shot that hit the iron to the goalie's left before deflecting into the net.
The Finns opened a 1-0 lead with 1:31 left in the first when Alexander Ruuttu converted a great pass from Miro Aaltonen at the right post. The Finns last reached the gold medal game in 2001. The Swedes last garnered gold in 1981.