Wagner, also the 2008 Houston Open winner, closed with 4-under-par 67 to match Levin at 17-under 267 on the Greg Norman-designed El Camaleon course. Levin shot 65.
Champions Tour player John Cook shot 66 to finish third at 14 under.
Chris Stroud (70) was fourth at 13 under, and David Toms (67), Rory Sabbatini (66) former Louisville, Ga. resident Brian Gay (68), Briny Baird (69), Jarrod Lyle (70) and Bobby Gates (70) were 12 under.
LPGA TOUR: In Singapore, Karrie Webb used four birdies in a row on the back nine to surge past Chie Arimura for a one-shot victory at the HSBC Women's Champions.
Webb, 36, finished with 3-under-par 69 for 13-under 275 at Singapore's Tanah Merah Country Club for her 37th career LPGA tour win. Top-ranked Yani Tseng had 67 and finished third.
NATIONWIDE TOUR: In Panama City, Mathew Goggin won the season-opening Panama Championship, shooting 2-under-par 68 for a two-stroke victory over Alistair Presnell and Darron Stiles.
The 36-year-old Goggin, a two-time winner on the developmental tour in 1999, had 11-under 269 total at the Golf Club of Panama. He earned $99,000.
Stiles finished with 66, and Presnell shot 73.
Former Augusta State star Major Manning shot 75 and finished eight back.