'Baywatch' Star's Alleged Stalker -- Restraining Order Denied -- Bolts Away From Courthouse

"Baywatch" star Alexandra Paul just scored a victory in court ... because a judge SHUT DOWN her alleged stalker -- DENYING the woman's request for a permanent restraining order against Paul.

This is a crazy story -- as we reported, Alexandra claims Nicole Albrecht began stalking her back in 2011 ... showing up at her home, and a community pool where Alexandra trains.

Alexandra and Nicole eventually got temporary restraining orders against each other -- and today Nicole attempted to get a permanent one.

No dice ... the judge shot Nicole down -- and she ran from the courthouse with a hood over her face ... refusing to answer our questions about the case.