A year after falling in a play-off to Rory McIlroy, Rose again lost out to the Northern Irishman after carrying a two-stroke lead into the back nine on Sunday.
The three-time runner-up, who also lost to Sergio Garcia on extra holes at Augusta National in 2017, bogeyed 11 and 12 and couldn't birdie the famous par-5 13th despite being on the green in two.
"Just a chance that got away, obviously," Rose said after closing with a 70 that left England's one-time world No.1 at 10 under and two behind back-to-back winner McIlroy.
"I was by no means free and clear and was nowhere close to having the job done, but I was right in position. I was really in control.
"The first 10 holes I felt like I was and the mentality was to run through the finish line, not just try and get it done.
"I was playing great but just momentum shifted for me around the Amen Corner. That three-putt (on 13) was untimely for sure."
Had he hung on, 45-year-old Rose would penned one of sport's great redemption stories and become the second-oldest winner in Masters history, behind only the great Jack Nicklaus.
Nicklaus was 46 when he famously ran down Greg Norman in 1986 to capture his sixth green jacket.
A second major title to go with his 2011 US Open triumph would also have completed a Hall-of-Fame career for the 2016 Rio Olympics gold medallist and five-times European Ryder Cup team member.
Alas, the tournament's sentimental favourite was left to rue another painful near miss.
"I feel like with a sudden-death loss, you got to the house. You've done everything it took to win," he said.
"Then it comes down to flick of a coin at times.
"Whereas today, I felt like there was an opportunity to do better. So obviously that is frustrating for sure."
13°C