Tasmania needed only 215 for victory after bowling Victoria out for 394 in its second innings.
But they crumbled before bowlers Shane Harwood and Gerard Denton for only 105.
The win puts Victoria at the top of the Pura Cup ladder.
"It showed a lot about our group this year that we're able to fight back from being in a difficult position," Victorian coach Greg Shipperd said.
In Adelaide, South Australia was trailing Queensland's first innings score of 342, at 3-89 when rain forced the abandonment of play on day two.