Vaasan Palloseura won the first of its two Finnish championships in a final unlike any other in the club's history - a one-off cup tie played in the shadow of the recently ended Continuation War, against an opponent that had already been crowned national champion eight times. Founded on 26 September 1924 at the Fischer café in Vaasa, the club - known to supporters as Vepsu - first entered Finnish league football in 1930. Its golden age arrived in the 1940s: with the wartime disruption still fresh, the 1945 Finnish title was decided not through a regular league season but via a standalone 64-team cup competition, and Vaasan Palloseura fought its way past Pietarsaaren Drott, Valkeakosken Haka and Turun Palloseura to reach the final. There, on 12 August 1945 at Vaasa's own Hietalahti stadium, the team beat the seasoned Helsingin Palloseura - nicknamed the 'Green Jaegers' - 2-0 to claim its first national title, with Olavi Autio converting the decisive penalty under coach Birger Julin.
A second championship followed in 1948, in similarly dramatic fashion: VPS finished the season level on points with Turun Palloseura, forcing a title-deciding play-off, which the Vaasa side won 3-0 to complete its finest decade. Success proved difficult to sustain, however, and after relegation following the 1977 season the club spent a long spell outside the top division, only returning to the newly formed Veikkausliiga in 1994. VPS twice finished as league runners-up, in 1997 and 1998, and earned its only appearances in European competition in the following two seasons, being eliminated by Austria's Grazer AK in the UEFA Cup's second qualifying round in 1998-99 and by Scotland's St Johnstone in the first round the following season.
The following decades brought further swings between the top flight and the second-tier Ykkönen, including a return to the Veikkausliiga in 2006 after a runners-up finish under coach Jari Pyykölä, and another promotion in 2021 after winning the Ykkönen title outright. Vaasan Palloseura continues to play its home matches at the modernised Hietalahti stadium in Vaasa, a ground whose capacity now exceeds 6,000 following redevelopment work completed in 2016 - the very same site where the club celebrated its historic 1945 triumph.