Gareth Bale overshadowed an out-of-sorts Cristiano Ronaldo on a night where Real Madrid pumped in five goals.
Real begin their latest La Liga campaign on Sunday at promoted Sporting Gijon.
Pepe, 32, has helped Madrid win the Champions League and two Spanish league titles in eight seasons.
Rafa Benitez’s Real Madrid will kick off their season against Sporting Gijon on Sunday.
Real were missing the firepower of their regular attacking trio with Ronaldo and Benzema out injured and Bale on the bench.
The 10-9 shootout win sealed the Asian edition of the International Champions Cup for Madrid.
Iker Casillas has clinched five Spanish titles, three Champions League trophies and two King’s Cup crowns with Real Madrid.
Benitez will be tasked with ending Madrid’s dismal record of one Spanish title in seven seasons.
Former Liverpool, Inter Milan and Chelsea manager Benitez has already announced his exit from Serie A side Napoli.
Gareth Bale had a poor seaon and was also targeted by fans as he was booed and jeered recently.
Juventus will face Barcelona in the final, which will be played in Berlin on June 6.
Defensive lapses have cost Madrid in recent weeks as they have conceded twice in four of their last five matches.
The pressure was on Ancelotti’s men after Barcelona had mauled Getafe 6-0 on Tuesday.
It was a high-scoring thriller but Madrid managed to hang on to their lead till the referee’s whistle.
Slovenian Oblak made a string of memorable saves to keep the Spanish champions’ hopes of reaching the last four alive.