In [modern] Russian media literal translation
"Я сделал(а) это!"
is being commonly used. Is there better way to translate this expression? Or is there equivalent expression that can be used that would convey similar meaning?
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You ask about the best translation which is hard to say without a context.
Я сделал это really exists in the last years as a calque from English. Should it be used or not - it really depends. Though I'm sure that at least on some occasions one could (and should) change it to something more common, like Получилось, Готово, Сделано, Есть! etc.
Having said this, I don't think that Я сделал это should be absolutely inadmissible. After all, people do say like this.