Joining them as the latest individuals to receive the honour are the late Denny Hulme and the late Peter Williamson.
Murphy is a four-time Supercheap Auto Bathurst 1000 winner (1996, 1999, 2003, and 2004) and the seventh most prolific podium finisher in the Great Race having also finished second once and third on three occasions.
Click here to have your say on the state of Australian motorsport and go into the draw to win a Kincrome Tool Armour Workshop valued at $11,999.
The New Zealander's most memorable driving exploit, however, is arguably how he qualified on pole for the 2003 Bathurst 1000.
On that afternoon, Murphy drove what has been dubbed the ‘Lap of the Gods', when he set a then-record 2:06.8594s in the Top 10 Shootout, almost a second faster than his nearest rival in the one-lap dash.
His compatriot, Hulme, is not only the 1967 Formula 1 World Champion, but a class winner in the Bathurst 1000, in 1991.
Hulme, who competed at Mount Panorama on 10 occasions as well as in the Australian Touring Car Championship, passed away in the following year's Great Race when he suffered a heart attack behind the wheel.
Morris, Hulme's co-driver on that tragic day, is the first and so far only driver in history to win three ‘major' long-distance races at Mount Panorama.
His record includes the famous victory in the 2014 Bathurst 1000 alongside Chaz Mostert in which the pair started from last and recovered from a crash to stand on the top step of the podium.
Williamson became the first driver to carry an in-car camera system dubbed ‘Racecam', in 1979, which marked the first time anywhere in the world that live pictures from an in-car camera had been used successfully in motorsport television.
The families of Williamson and Hulme were on hand for the induction in Bathurst on Friday and were joined by Murphy and Morris themselves.
Supercars CEO Sean Seamer hailed the achievements of this year's inductees.
“This year's class of Legends created moments that will be remembered by fans for a long time,” said Seamer.
“They are all pioneers in their own way and true greats of our sport in many ways.
“It's an honour to be here today inducting these four drivers into Legends Lane alongside other motorsport greats.”
Murphy, Morris, Hulme, and Williamson now make for 21 personalities that have been inducted into Bathurst's Legends Lane.
Bathurst Legends Lane Inductees: