The Scot was staring defeat in the face at 5-3 down in the final set with Ferrer serving for the match, but the world number 11 showed his resolve in reeling off four successive games to claim victory in the ATP 250 hard-court event.
The win gains a measure of revenge for Murray, who lost out to the Spaniard in the Shanghai Masters last week.
Murray's success also boosted his hopes of qualifying for the ATP World Tour Finals in London next month.
Top seed Ferrer made the first breakthrough in the opening set, breaking Murray for a 4-2 lead after the Scot had missed a straightforward forehand.
Murray's response was immediate, however, breaking back in the very next game as Ferrer erred with a forehand of his own.
Ferrer took a 6-5 lead to pile the pressure on Murray, who finally succumbed in game 12 when he sent a backhand into the tramlines to hand his opponent the first set.
The Spaniard failed to build on that success, though, as two consecutive double faults gave Murray two break points in game three of the second set, and the Scot took advantage of the second with a strong return, which Ferrer could only send long.
Murray was forced to dig deep to consolidate his break, rescuing four break points in the next game to keep Ferrer at bay.
And the two-time major winner pulled further clear in game seven, before ensuring the match would go to a decider with a secure service hold.
Murray looked to be on course for victory when a misplaced Ferrer backhand gave him an early break in the decider, but a sublime volley brought the world number five back on level terms, causing Murray to thump his racquet against his foot in frustration.
As the pendulum continued to swing, neither man was able to hold his serve between games six and nine before Murray bucked that trend to level at 5-5.
The Scot found a winner to break Ferrer in the next, and then completed a remarkable turnaround by thumping an ace out wide to seal his second ATP Tour triumph of the year and his 30th career title.