Murphy was accepting the same Mark Twain Prize for American Humor that Cosby previously won.
Eddie Murphy's return to stand-up after 28 years featured a Bill Cosby routine.
The 54-year-old comedian was awarded the Mark Twain Prize for American Humor at The Kennedy Center in Washington D.C. on Sunday night, where he went after the disgraced Cosby Show actor -- particularly the fact that he accepted this same award back in 2009.
"Who else has one of these?" Murphy asked. "Oh! Bill has one of these. Did you all make him give it back?"
"You know you f**ked up when they want you to give your trophy back," he continued.
WATCH: Three New Bill Cosby Accusers Come Forward, Including a Former Mrs. America
Then Murphy went into a dead-on impression of Cosby.
"You may have heard recently that I allegedly put the pill in the people's stomach," Murphy mused in Cosby's voice. "If I ever see or meet this Hannibal Buress in person I am going to try and kill this man!"
Buress, of course, is the stand-up comedian whose viral set about Cosby is widely credited with re-awakening public consciousness about the rape and sexual assault allegations against him.
Murphy's set went over well among the many comedy figures in the audience.
WATCH: Bill Cosby Admitted to Obtaining Quaaludes to Give to 'Young Women' in 2005
"I like his stand-up," Kathy Griffin told ET, before recalling the time "when Bill Cosby chastised him for being vulgar, Richard Pryor told him to tell Bill to shut the f**k up, and as a stand-up, I love that story."
"If I were Lebron James, he would be Michael Jordan, Richard Pryor was the first," Dave Chappelle told ET of his and Murphy's place in comedy history.
MORE: Richard Pryor's Widow Calls Bill Cosby a 'Piece of S**t,' 'Dirty on the Inside'
For his own part, Murphy was honored to be accepting the award, and told ET that he's even considering bringing out some new material.
"This is a wonderful night, wonderful evening, huge honor," he admitted. "It's nice, I've been gigging for a long time. If I come up with something funny to say I might get back up there."
MORE: Bill Cosby 'Applauds' Eddie Murphy for Not Impersonating Him on 'SNL 40'
Interestingly enough, Murphy's set was a turn on his decision during the Saturday Night Live 40th Anniversary special not to do an impression of Cosby in February.
After SNL alum Norm MacDonald tweeted that Murphy refused to revive his impression, Cosby expressed gratitude to the actor.
"I am very appreciative of Eddie," Cosby told ET through a spokesperson at the time, "and I applaud his actions."
MORE: Bill Cosby's Accusers: A Timeline of Alleged Sexual Assault Claims (Updated)
Murphy explained his hesitation in an interview published this month in the Washington Post.
"It’s horrible," he said. "There’s nothing funny about it. If you get up there and you crack jokes about him, you’re just hurting people. You’re hurting him. You’re hurting his accusers. I was like, 'Hey, I’m coming back to SNL for the anniversary, I’m not turning my moment on the show into this other thing.'"
More than 40 women to date have come forward to accuse Cosby of sexual attacks in the past. The 78-year-old has never been criminally charged for any of these allegations and has universally denied all claims.
You can watch Eddie Murphy: The Kennedy Center Mark Twain Prize when it airs on PBS stations on Nov. 23 at 9/8c.
Watch the video below.