Mr Murphy died 1.5km after the start of Motatapu mountain bike event at Glendhu Bay on March 4.
His wife Jo Fuller released her husband’s name in a social media post on Monday night and requested people share his service details.
"It is with great sadness, we announce the sudden loss of our beloved Peter Murphy," she said.
"Pete was competing in the Motatapu bike race in Wanaka and suffered a major medical episode. He was living his best life, doing one of the many activities that brought him joy," Ms Fuller said.
"Pete’s love for Jo and his family was unsurpassed and the vacuum that he has left in our lives is irreplaceable, including his cheeky banter and zest for life."
Mr Murphy and Ms Fuller own Fowler Homes Wanaka & Central Otago.
Mr Murphy was born in the Central Otago region and spent much of his 35-year construction career working in the district, Fowler Homes’ website says.
His wife manages the office, sales, relationship building and interior design.
Event organisers said they were saddened by the death at Glendhu Bay.
"The Motatapu team worked closely with the emergency services and continue to assist.
"We would like to offer our deepest condolences to the bereaved family."
Wanaka police said on Monday they were seeking more information from people at the Motatapu event to help them and Mr Murphy’s family understand what had happened.
His death has been referred to the coroner.
The service for Mr Murphy is at The Venue, corner of Cardrona Valley Rd and Orchard Rd, 2.30pm, Sunday, March 12.
