As a crowd of over 46,000 packed into the Emirates Stadium, Arsenal took just five minutes to open the scoring when Katie McCabe's corner was met with a diving header by Russo.
She had her second goal just two minutes later when Olivia Smith played a delicate through ball, allowing Russo to take the ball around Lize Kop and tap home into an empty net.
Russo would've had an 11-minute hat-trick if not for a diving stop from close range by Kop.
Spurs pulled themselves back into the North London Derby from a corner. Amanda Nilden flicked on the original set-piece, and Frida Maanum got first contact on the ball to knock the ball past Daphne Van Domeselaar, and into her own net.
Russo bagged her first WSL hat-trick for the Gunners courtesy of a massive error from Kop. The Tottenham goalkeeper received the ball from Molly Bartip and played it straight to the Arsenal striker, who was never going to squander a gift like that.
Having spent almost a month away with Australia at the Women's Asian Cup, Caitlin Foord returned in some style by giving Arsenal a 4-1 lead. Controlling Smilla Holmberg's excellent delivery with her knees, and on the turn, she fired the ball into the top corner.
Spurs had created virtually nothing in the second half, though they would have pulled a second goal back if not for an outrageous save from Van Domselaar.
Beth England pulled out from behind the Arsenal defence and directed a header that looked destined for the bottom corner, until the Netherlands keeper managed to claw the ball from behind her, and around the post.
It was a save worthy of winning a game, let alone withstanding a three-goal margin.
England did get on the scoresheet with 13 minutes to go, marking her 200th WSL appearance by crashing a powerful half volley in off the left post.
Van Domselaar seemed to be in control of the effort, but somehow it slipped through her fingertips before going in off the post.
Spurs came agonisingly close to making it 4-3 in the 90th minute; Signe Gaupset's curling shot flew narrowly over the crossbar.
Martin Ho's side had shown some fightback in the final ten minutes, albeit it was too little too late.
Stina Blackstenius wrapped up the win in the final minute of added time in her 150th appearance for Arsenal.
Victoria Pelova intercepts the ball and timed a perfect pass through the centre of the Spurs' backline, one that the Swede was able to latch on to and slot into the bottom right corner.
Although a title challenge seemed too late with Manchester City 11 points ahead, Arsenal put themselves in a brilliant position to secure qualification into next season's Women's Champions League, sitting ahead of both Manchester United and Chelsea while also having games in hand.
For Tottenham, back-to-back 5-2 defeats in a row were going to sting, especially in a game as big as the North London Derby, it is something that they needed to learn from heading into next season.