The advance began with Murphy driving a strong first lap which put him into seventh but Wood's lead quickly stretched to nearly half a lap.
Two caution periods allowed Murphy to make up ground but also broke his momentum. In the closing laps he made one move alongside Wood and then challenged again in the final turn coming up just 0.14secs short at the end of an exciting race.
"I had a good first lap and when I got to fourth I could see Rodney and I felt I was better in the traffic," said Murphy.
"So the yellows helped me but also they hurt me as well because they let him restart in clear air."
Saturday night's racing was completed on a refreshed track surface with about 500 tonnes of new clay added to the track and saw Murphy clock a 13.96s lap early in the night.
"The track was very good. There was just a bit too much water down low," Murphy said.
For most of the 25-lapper the high line was the faster groove.
"My car was so nice to drive," said Wood.
"I thought I heard him [Murphy] a couple of times. The high line ran out in the last few laps and it was taking too long to get around the top.
"I decided to go low and drive a diamond line through [turns] three and four so he would have to go around the outside."
Skinny Colson finished third ahead of James Dahm (Tokoroa) and Colin Entwisle (Mt Maunganui).
There was a master and apprentice theme to the battles in both the super saloon and saloon car feature races.
Youth gained the upper hand in the super saloons with an exciting battle that saw three lead changes between twice NZ champ Dean Waddell (Tauranga) and 20-year-old Thames racer Matt Smith.
In the end it was Smith who gained the upper hand to complete an unbeaten night in his self-built new car.
The speed of the refreshed track was also revealed by the super saloons with Smith clocking an impressive 16.78s lap in the opening heat race.
Gisborne teenager Dan Corrin - who travels to Baypark in search of the toughest competition in saloon car racing - found exactly what he wanted in the feature race.
Corrin, 18, battled with NZ champ Brent McClymont taking an early lead and attempting both inside and outside counter attacks after McClymont had moved into the lead.
A small mistake in the closing laps allowed a fast-closing Paul Cressy (Matamata) through into second spot and with the fastest lap of the race posted on the penultimate lap it looked as if Cressy might have a challenge for McClymont.
"I knew he [Corrin] would probably get the jump on me at the start," said McClymont.
"I was counting the laps and I knew I had to get going.
"The new dirt has made a difference and it was a lot smoother. There was good drive down low and up on the berm with two lanes and it was clean, fast racing."
Tauranga's Stacy Keach scored his second stock car feature race win of the season and will rank among the favourites for the Harry Fredrickson Memorial Gold Cup event which puts the stock car class in the spotlight at the next meeting on December 3.
Baypark Speedway - results
Youth Ministocks:
Heat 1: 1 Jayden Steiner 18m; 2 Sam Waddell 11m; 3 Bradley Marsh 67m. Heat 2: 1 Nathan Smith 46m; 2 Matt Neilsen 47m; 3 Luke Alderdice 77m. Heat 3: 1 Ryan Henstock 96m; 2 Marc Dunn 8m; 3 Marsh. Heat 4: 1 Smith; 2 Bryce Dibley 6a; 3 Neilsen. Feature: 1 Dunn; 2 Gavin McClinchie 10m; 3 John Harris 15m
Saloon Cars:
Heat 1: 1 Chris Cowling 272m; 2 Brent McClymont 1nz; 3 Michelle Wymer 75m. Heat 2: 1 Dan Corrin 124m; 2 Paul Cressey 45m; 3 Brett Kaye 14m. Feature: 1 McClymont; 2 Cressey; 3 Corrin.
Stock Cars:
Heat 1: 1 Mike Herbert 52r; 2 Jamie Marsh 67m; 3 Stacy Keach 97m. Heat 2: 1 Marsh; 2 Karl Daniel 23m; 3 Ryan Hunt 29m. Feature: 1 Keach; 2 Hunt; 3 Ian Daniel 24m.
Super Saloons:
Heat 1: 1 Matt Smith 46m; 2 Russell Donovan 71m; 3 Dean Waddell 81m. Heat 2: 1 Smith; 2 Mark Hutchins 53m; 3 Karl Hanlon 76m. Feature: 1 Smith; 2 Waddell; 3 Jarred Fletcher 8m.
Sprint Cars:
Heat 1: 1 Skinny Colson 66m; 2 Peter Murphy 11usa; 3 Colin Entwisle 8m. Heat 2: 1 Rodney Wood 51m; 2 Murphy; 3 Kerry Bartlett 4m. Feature: 1 Wood; 2 Murphy; 3 Colson.