Shenandoah (6-11, 3-7 USA South) had lost its last 21 games to the Panthers (13-4, 8-2) and hadn't won in Ferrum since January 29, 2000.
The victory comes in the Hornets final USA South Conference contest at Ferrum. SU joins the ODAC next fall after 20 years in the Dixie/USA South.
Shenandoah rode the hot shooting of sophomore Sam Akers to the upset victory – Akers drained a second-best-in-school-history six 3-pointers on her way to a career-high 32 points.
The Hornets shot 52 percent from the field and made nine '3's (in 20 attempts); Akers was 6 for 9 on her career night and had the final nail in the Panthers coffin by hitting her final 3-pointer with 3:39 to play. This one, from 23 feet out, gave SU a five-point advantage and Ferrum never covered.
Shenandoah then hit four of seven down the stretch from the charity stripe, including three-in-row from Sara D'Amico, to seal the victory.
The victory is the first-ever for coach Michelle Guyant-Holloway over Ferrum.
The first half was similar to the first meeting of the season, with the two teams trading the lead back and forth in the opening stanza and the visiting team taking the lead into the break.
This time, it was SU leading 34-33 on the strength of a 6-0 run to finish the half.
Akers, who gave the Hornets the lead for good with a 3-pointer at the 9:00 mark, did most of the first-half damage by draining three 3-pointers among her 13 first-half points.
Senior Abby Gallagher and D'Amico backed up Akers with 10 points each.
Nicole Gilbertson had a co-game-high eight rebounds.
Shenandoah hosts Averett on Saturday in a 2:00 USA South Conference contest. This game is also the opening game of a women/men doubleheader against the Cougars.