The 20 year-old Italian converted his sixth match point of an enthralling encounter on Centre Court to reach his third grand slam quarter-final.
The contest had been billed as a clash between two of the sport's future superstars, with their combined age the lowest in a fourth-round grand slam match since Juan Martin del Potro faced Kei Nishikori at the 2008 US Open.
At 19 years and 66 days old, Alcaraz had become the youngest male player to reach the last 16 at Wimbledon since 2011, and Sinner was keen to credit his opponent after a battle which lasted three hours and 35 minutes.
"First of all, Carlos is a very tough opponent and a very nice person, so it's always a huge pleasure for me to play against him," Sinner said.
"Today was such a great crowd and especially today, 100 years [since Centre Court opened]… it's just amazing.
"It's tough when you have match point and you still have to play. It's part of the game, part of tennis, and obviously I'm very happy with how I reacted.
"I'm very happy to be in the next round, and hopefully I can play some good tennis also in the next round."
Sinner, who boasts a 5-0 record against Spanish players in 2022, was asked where the triumph ranked among the best moments of his career.
He said: "In the top list, for sure. I didn't expect it because I was not playing so well on the grass.
"Then match after match I was better, I won my first grass-court match here in the first round, and now I'm here in the quarter-finals. I tried to adapt myself and the crowd helps me a lot."
Sinner had previously lost four fourth-round meetings with top-10 players at grand slams, being beaten by Alexander Zverev at the 2020 French Open and 2021 US Open, Rafael Nadal at the 2021 French Open, and Andrey Rublev at Roland Garros last month.
Sinner also improved his 2022 record against top-10 opponents to 2-5 with the victory, with his only previous win coming against Rublev at the Monte Carlo Masters.