'I feel great, although no doubt it will take some time to sink in,' said Ferrie. 'I've won a couple of times on the Challenge Tour but this is the next step up for me.'
Ferrie carded a 69 to finish regulation at 22-under-par 266 along with Ireland's Peter Lawrie and Peter Hedblom of Sweden. The trio played the par-5 18th as the first hole of a playoff and after all three players made birdie, it was back to the tee for a second extra hole.
Both Hedblom and Lawrie found the rough off the tee while Ferrie hit a perfect drive down the center of the fairway.
Lawrie sent his second shot to the back of the green, leaving a difficult play for birdie. Hedblom was also unlucky in his approach when he missed to the right of the putting surface.
Ferrie had a clear view to the green and hit his second to 12 feet. His eagle try failed to find the bottom of the cup, but he tapped in for a decisive birdie and a breakthrough victory.
Ferrie earned his card in 2000 but was back at Qualifying School the following year but with this victory, he can enjoy a two-year exemption.
The 24-year-old was part of a six-way tie for first to start the final round. He parred his first six holes before a bogey at the seventh but recovered mightily with a long eagle putt at the par-5 eighth.
Ferrie bogeyed the 10 but responded with a birdie at the very next hole. After a bogey at the 13th, Ferrie ran off three consecutive birdies starting at the par-4 15th to join the leaders at 22-under.
Ferrie had the chance to take the lead outright at the last but an errant drive and an unfortunate second shot left him with only a par at the par-5 closing hole.
'Thankfully my finish was just good enough,' said Ferrie. 'I made a bogey at the 13th but hit back well with three birdies to get into the playoff.'
Denmark's Mads Vibe-Hastrup fired a 7-under 65 to finish one shot out of the playoff at 21-under-par 267. He was joined by Brian Davis in a tie for fourth.
Charl Schwartzel, who held a share of the lead after the opening round, posted a 68 to finish at 20-under-par 268 alongside Gary Evans, Santiago Luna and Paul Casey.
Jose Maria Olazabal, Phillip Price, Markus Brier, Richard Green, Anthony Wall, Paul McGinley, Marten Olander, Peter Fowler and Simon Khan were one shot further back at 19-under-par 269.
Sergio Garcia, who captured this event last year, shot a 68 to finish in a tie for 19th with fellow Spaniard Miguel Angel Jimenez and Argentina's Ricardo Gonzalez at 18-under-par 270.
Pablo Martin-Benavides, the amateur who held a share of the lead coming into the final round, had a rough front nine with a triple-bogey at the fourth.
The 17-year-old struggled with a final-round 74 to finish in a group at 17-under-par 271.