Smyth scored his second penalty shot of the season off a backhand-forehand move after Tomas Vokoun's stick came out of his hand during an earlier rush.
"He is really good on penalty shots," Horcoff said of Smyth. "He sold the backhand hard, and made a great move."
Nashville was 0-for-6 on power plays.
"It's been awful," Steve Sullivan said. "Teams are starting to pressure us more than they used to."
Scott Hartnell and Sullivan scored for Nashville, which has lost two straight after a six-game winning streak.
Jussi Markkanen made 29 saves for Edmonton. Vokoun stopped 31 shots for the Predators.
Stoll's goal on a two-man advantage extended his scoring streak to five games.
Edmonton enforcer Georges Laraques, promoted to the second line, nearly scored his first goal since March 16, 2004, after a pair of chances in the third.
"Georges has revealed another gear," Oilers coach Craig MacTavish. "He was flying."
On Dec. 30, Wayne Gretzky scored five goals in a home game for Edmonton against Philadelphia to set a new NHL record of 50
goals in 39 games ... D Cory Cross sat for the Oilers to make room for D Matt Greene, who made his NHL debut.
Copyright by STATS LLC and The Associated Press
Arena: Rexall Place Location: Edmonton, Alberta
Referees: Dennis LaRue, Mike Leggo Linesmen: Brad Lazarowich, Jay Sharrers
Attendance: 16,839 (100.0% full)
Team Stat Comparison
Power Play Goals
Power Play Opportunities
Shots on Goal
No scoring this period
Shawn Horcoff (7)
Scott Hartnell (13)
Assist: Ryan Suter
Jason Smith (3)
Assists: Michael Peca, Todd Harvey
Ryan Smyth (16)
(Power Play) (Penalty Shot) Unassisted
Steve Sullivan (17)
Assists: Yanic Perreault, Dan Hamhuis
Jarret Stoll (13)
(Power Play) Assists: Shawn Horcoff, Ryan Smyth