The Androni Giocattoli-Venezuela rider triumphed in a bunch sprint from 2010 winner Elia Viviani (Liquigas-Cannondale) and Giovanni Visconti (Movistar).
A breakaway of 11 riders were caught five kilometres from the finish in Pantani's hometown of Cesenatico.
Felline, who was part of that breakaway, had enough left in the tank to power home.
Andrea Palini was fourth ahead of the highest-placed non-Italian rider Johan Esteban Chaves.
Legendary climber Pantani, the winner of the 1998 editions of the Tour de France and Giro d'Italia, died at the age of 34 in 2004.
The 183.7km route begins in his birthplace of Cesena.
Every edition of his memorial race has been won by an Italian compatriot.