Prange, who won the Greater Tampa Duramed Futures Classic last month, entered the final round with a two-stroke lead. The 24-year-old former North Carolina player competed in 'The Big Break V: Hawaii' -- taped in October and currently airing.
McPherson, a former South Carolina player, closed with a 65 for an 11-under 205 total and a one-stroke victory over South Korea's Jin Young Pak (66). Prange was third at 5 under on the Palm View course.
McPherson earned $9,800 for her first Futures Tour title to jump from 43rd to sixth on the money list with $11,717. The top five at the end of the season will earn 2007 LPGA Tour cards.
Prange made $5,171 to move from fourth to second with $17,429. South Korea's Song-Hee Kim tops the list with $18,919. She tied for 32nd at 3 over to earn $391.