Trailing 2-1 in the final minute, Steve Davies raced clear to equalise for the Seasiders but there was still time for Murphy to nod home the winner from a corner before the full-time whistle.
Stephen Dobbie had put Blackpool ahead with a first-half header, but the visitors took the lead thanks to goals in the second half from Frank Nouble and Paul Taylor.
Both sides were sluggish in their early efforts to gain a foothold in the game and it took 20 minutes before the first opportunity of note.
A period of pressure from Ipswich saw the ball fall to Ryan Tunnicliffe in a central position, eight yards from goal, but his effort deflected narrowly wide of the left hand post.
That chance sparked some life into proceedings and three minutes later the deadlock was broken, with Blackpool taking the lead with their first meaningful opening.
A curling left-wing cross from Bobby Grant found Dobbie free inside the box and he steered a fine header past Dean Gerken and into the bottom left-hand corner.
And it could even have been 2-0 to the Seasiders before the break as they began to work their way through the gears.
A long ball forward was flicked into the path of Grant by Ricardo Fuller, but his stinging volley was brilliantly palmed away by Gerken, just past the half hour mark.
The Tractor Boys made two changes at the half-time interval, with Taylor and Nouble replacing Luke Hyam and Jay Tabb, as Mick McCarthy adopted a more offensive approach in the second period.
The substitutions appeared to have an effect, with the visitors pressing forward in greater numbers and Blackpool happy to operate on the counterattack.
On 61 minutes a right-wing cross from Carlos Edwards found Murphy free to the left-hand side of the box but the Irishman sliced his first time effort wide on his weaker left foot, in what was a big let off for the home side.
But Ipswich's bold approach paid dividends and with their next foray forward they were rewarded with a goal their efforts deserved.
David McGoldrick burst past Angel Martinez in midfield and his through ball found Nouble just inside the box and he duly bustled his way past Bradley Orr before finishing inside Matt Gilks's left-hand post.
The Seasiders looked lethargic and bereft of ideas, with Davies replacing Fuller as the hosts looked to reverse the tide of blue shirts flooding into their half.
Dan Gosling went close with a curling effort from the edge of the box but it was McCarthy's men who would have the final say.
Taylor found himself in space inside the box on 84 minutes and he curled a delightful low strike into the bottom left-hand corner to make it 2-1.
Davies thought he had rescued a point for the hosts late on but Murphy had other ideas.