Robbie Stevenson put Sphinx ahead in the second minute with striker Jack Cudworth adding a second six minutes before the break.
Mark Owen added a third in the 64th minute before the Derbyshire side hit back with goals from Dave Hodges,Steve Lunt and Kevin Lungsten.
Three minutes from time,Defender Terry Ward hit the winner for Paul Charnley's side who now travel to Racing Club Warwick for their first ever Birmingham Senior Cup on Tuesday night.
Nuneaton Borough won 1-0 at Barrow in a Conference North game whilst in their first FA Trophy for nearly thirty years, Leamington beat Marlow 2-0 with two goals from James Husband.
Rugby Town lost 1-0 at home to Cirencester with Bedworth losing 3-0 at Stourbridge.
Stratford,who should be on their new ground for the start of 2008 beat Racing Club Warwick 2-0 in a Midland Alliance game with Rory May scoring for Micky Moore's team. Atherstone drew 2-2 at Oadby.
In the local derby in the Midland Combination Premier Division,Coventry Copsewood won 2-0 at Massey Ferguson with goals from Isherwood and Fraser. Nuneaton Griff won 2-0 at Brereton with a Friend hat-trick helping Southam to a 5-2 win against Bolehall.
Elsewhere, Leamington Hibernian beat Newhall United 3-0 and Stockingford beat Northfield 2-0. Team of the month winners Coventry Sphinx Reserves drew 2-2 at Mickleover Sports.