According to the Daily Record, the music mogul handed over his own cash to the distressed woman when it became clear that her money and cards would not be found.
Producers had initially put out a loud speaker call at the city's Braehead arena, asking the crowd to be on the lookout for the lost purse, but no-one came forward.
An insider revealed: "The compere told the lady he had something to give her from Simon. He handed the woman a wad of notes and she looked very happy."
Cowell has previously revealed his generous side by vowing to leave £90 million to charity in his will.
The X Factor's sixth series launches on ITV1 in August.