The 333 SP was developed at the behest of Giampiero Moretti, an amateur racer and owner of the MOMO auto parts business. While Ferrari developed the engine and chassis tub in-house, the manufacturer contracted Dallara to assist with the project. Dallara was responsible for aerodynamic development, bodywork construction, and the provision of the suspension and transmission. The gearbox utilized a custom Dallara casing to house Hewland mechanical components. British engineering consultant Tony Southgate joined the project in early 1994 to assist with the design and operation of the cars through 1995.
The car was powered by a 4.0-liter 65-degree V12 engine, which was a modified version of the 3.5-liter unit used in the 1990 Ferrari 641 Formula One car. The engine produced 641 hp at 11,000 rpm, a figure approximately 40 to 70 hp lower than the original Formula One specification. Despite the power reduction, Southgate characterized the unit as one of the most reliable race engines he had ever worked with.
A total of 40 chassis were produced. Ferrari built the first four units, followed by 11 from Dallara and the final 26 from Michelotto. Of these, 27 chassis are believed to have been campaigned in competition between 1994 and 2003.
The 333 SP was designed for the IMSA World Sports Car (WSC) class, which replaced the previous GTP category. The car debuted on April 17, 1994, at the third round of the IMSA GT Championship at Road Atlanta, where it secured a 1–2 finish. For the debut season, four cars were distributed among three teams: Euromotorsport, Momo Corse, and Team Scandia. Although the car achieved five wins in 1994, including a podium sweep at Lime Rock, Ferrari lost the makes' championship to Oldsmobile because the team missed the opening rounds at Daytona and Sebring.
In 1995, the 333 SP achieved significant success in North America. Despite reliability issues at the 24 Hours of Daytona, the car won the 12 Hours of Sebring and four additional races. This performance secured the makes' championship for Ferrari and the drivers' title for Fermín Velez. The car also debuted at the 24 Hours of Le Mans in 1995, though it struggled for competitiveness at the French circuit in its early years.
By 1997, the 333 SP began to face stiff competition from the more modern Riley & Scott chassis. While it secured another win at Sebring and four other victories that year, the four-year-old design could only manage second in the makes' championship. The car saw a resurgence in 1998 following slight updates. That year, it won the IMSA makes' championship and achieved its first overall victory at the 24 Hours of Daytona in the USRRC Can-Am championship. Additionally, Risi Competizione won the LMP1 class at the 24 Hours of Le Mans.
Starting in 1998, the 333 SP became a dominant force in the International Sports Racing Series (later the FIA Sportscar Championship) in Europe. In its first season in the series, the car won every race, with Emmanuel Collard and Vincenzo Sospiri taking the top spots in the championship. This European success continued as the car became less competitive in the American Le Mans Series (ALMS) against factory-backed entries from Audi and BMW.
JMB Racing-entered Ferraris won three consecutive European titles, with Collard and Sospiri repeating in 1999, followed by Christian Pescatori and David Terrien in 2000. To maintain competitiveness against newer designs, Doran Racing fitted a Judd engine into a 333 SP chassis in 2000. This hybrid configuration won the 2001 6 Hours of Watkins Glen.
The 333 SP gradually disappeared from international competition as its chassis, engine, and aerodynamics became outdated. Marco Zadra won the final FIA Sportscar Championship for the model in 2001. After being largely absent in 2002, the car made a final few appearances in 2003 under the GLV-Brums team, powered by a Judd engine. The 333 SP's competitive history concluded at the 2003 500km of Monza.