Barber and Ferree combined for a two-day, better-ball total of 11-under-par 133 at The King & The Bear course at the World Golf Village near St. Augustine, Fla. Joe Jimenez and Charlie Sifford teamed up to shoot 68 Tuesday and finished second at 10-under.
Defending champions Don January and Gene Littler finished in third place at minus-eight.
'It's nice to finally win one of these,' said Ferree, who has partnered with Barber since 1994. 'It was kind of interesting going off as the leaders this morning and playing first. Usually if you're not the leader, you go out knowing what you need to do and we had no idea what we needed to do. It worked out just right.'
'Jim really played well,' Barber said. 'Actually, at our age, we both played as well as we could play for two days. It was fun playing with Jim. We have played in quite of few of these things over the years but never won one until today.'
The winning team will split the first prize of $48,000.
Gay Brewer and Billy Casper were fourth at seven-under, one shot ahead of Al Balding and Bob Toski.
The Demaret Division featured players age 70 and over.
Teams in the Raphael Division (ages 50-59) will play Friday and Saturday, while individual golfers in the Legends Division will compete in a 54-hole stroke-play format Friday through Sunday.