Jena Stutzman scored 32 points, and Kari Daugherty had 24 points and 15 rebounds for the Eagles (33-2). Alyssa Miller added 12 points for Ashland.
Shaw opened overtime with a 13-2 run and held on to snap Ashland's 33-game winning streak following its loss in the season opener.
Ashland held Shaw to 35 percent shooting in the first half and took a 43-32 lead into halftime, but Shaw came out of the break with an 18-7 run to get back in it.
Brittany Ransom hit a 3-pointer midway through the second half to tie it, and Crystal Harris gave the Lady Bears the lead less than a minute later.
Both teams went basket-for-basket until Ashland's Ashley Dorner hit a 3-pointer to tie the game at 72 and force the extra period.
After Shaw's burst to start the extra period, Ashland could get no closer than six.
The Lady Bears, who lost in the D-II national semifinals last season to eventual champion Clayton State, won their 15th straight game and 26th in their last 27.