After winning by four shots in 2000, he won by two over 1999 champion Tom Jenkins and J.C. Snead last year.
Morgan shot a course-record 9-under 63 in the first round, and established a 36-hole tournament record with a 69 in round two.
Leading by three strokes entering the final round, Morgan overcame a four-hour rain delay Sunday, as well as a strong challenge from Snead and Jenkins. Snead shot 65, while Jenkins shot 67. It wasnt enough, however, as Morgan carded another 69 to finish at 15-under-par 201.
The victory was Morgans second in the 2001 season, but the 56-year-old has yet to triumph since.
This event was first contested in 1985. Don January was the inaugural champion. Other past champions include Gary Player (1986), Chi Chi Rodriguez (1987) and Lee Trevino (1992, 94).
Chester Valley Golf Club, in Malvern, Penn., hosted the event from 1985-1990 and 92-97. White Manor Country Club, also in Malvern, was the host in 1991.
Hartefeld National, in Avondale, was the venue in 1998 and 99.
Full field and tee times for the Instinet Classic