Running in lane four, Fraser-Pryce had the lead at the 30-metre mark and powered away to beat fellow Jamaican Jonielle Smith and Trinidad and Tobago's Michelle-Lee Ahye, who were both timed at 11.20.
The time, which bettered her meet record of 11.09 from 2016, left Fraser-Pryce delighted with her form two weeks before the Jamaican trials with her bid for a fourth 100m world title to come in Doha later this year.
"Honestly 10.88! Of course, I mean, what more could I have asked for tonight?" the 32-year-old told Reuters.
"I'm pleased not only with the victory but because I broke my meet record that I've always wanted, so I'm giving God thanks for that as I look forward to the national championship.
"The last time I ran 10.88 was 2016, so it is just the work. I continue to work hard and continue to trust the process because it's not just about winning, it's about taking my time to get back to my best."
Despite running her fastest time since her return from having a baby in 2017, the three-times sprint world champion said she was determined not to look too far ahead this season.
"My next aim is to make the team to the Doha World Championships," Fraser-Pryce said. The run came two days after her training partner Elaine Thompson, the 2016 Olympic double sprint champion, showed her improving form by running a world leading 10.89 seconds at the Rome Diamond League meet.
Britain's Zarnel Hughes won the men's 100 metres in the fourth edition of the Racers Grand Prix in 9.97 ahead of Jamaica's former world champion Yohan Blake (10.01) with American Kendal Williams well back in third (10.13).
(Editing by Nick Mulvenney)
