Ferguson said: “To win 7-1 in a football match at any level is terrific, but to do it in the Championship against a team of Ipswich’s stature is magnificent.
“It is a result we could never have dreamed about and it was a great day for the club. Everyone will remember this result and hopefully will talk it about for a long time.
“But probably the most pleasing thing is the way we carved Ipswich open and scored four quick goals in the first half before they had players sent off.
“I was always going to give Paul a start after the impact he made at Millwall on Wednesday and he took his goals very well.
“I’m pleased for Lee as well because he has been getting a bit frustrated with himself, so this will do him good.
“The game was over the moment the second red card was shown and it was obviously as comfortable as it could possibly be from then.
“We produced some great stuff and we are playing with belief. That is perhaps what was missing the last time we were at this level.
“All three newly-promoted teams have started superbly. Southampton have won all four to go top, Brighton are unbeaten and we have to be happy with seven points.”
Ferguson admitted to being sluightly disappointed by the size of the crowd on Saturday.
Only 7,928 fans were present – a large drop compared to the crowd of 11,604 for the opening day success over Crystal Palace.
Ferguson added: “I know the game being on TV might have been a factor, but if that performance and result doesn’t get them back, nothing will.”
Posh host Middlesbrough in the Carling Cup second round at London Road on Wednesday ahead of a reunion with Craig Mackail-Smith at fellow Championship newboys Brighton on Saturday.
POSH chairman Darragh MacAnthony also dished out the plaudits in the wake of Saturday’s success.
Writing on his Twitter account, MacAnthony said: “The result was awesome but I’m happier about the way we play and our overall ethos as a team.
Read more about the Posh chairman by visiting his site http://www.darraghmacanthony.com