Pipe, who was McCoy's boss for seven years from 1997, trained 4,191 winners before retiring in April 2006.
The 40-year-old jockey beat his friend's total by riding It's A Gimme to victory in the the Betfred Summer Plate at Market Rasen on Saturday.
"The record was just a personal thing between us and I will be putting in a satisfying call tonight," said McCoy.
Dynamic duo: Jockey and trainer were dominant force in jump racing for nearly a decade before McCoy was appointed retained rider to racehorse owner JP McManus in 2004 Champions: Pipe was leading trainer 15 times; McCoy has been champion 19 years in succession Winners: Pipe estimates that McCoy rode 1,154 winners for him "We've had a bit of banter pretty much since I've ridden my 4,000th winner."McCoy had equalled Pipe's tally of victories with On The Record at Uttoxeter on Wednesday.
He beat it when It's A Gimme, the Jonjo O'Neill-trained favourite, held off stable companion Lost Legend in a tight finish to Saturday's two-and-three-quarter-mile Listed event, with Mazuri Cowboy third.
Pipe was champion trainer 15 times and forged a formidable partnership with McCoy before the jockey was appointed retained rider to owner JP McManus in 2004.
"He's an inspiration to all the jockeys and to everyone in racing," said Pipe.
"Now he's finally beaten me and all of us in racing are so proud of him for doing it."
McCoy is the only jump jockey to have ridden more than 3,000 winners, and passed the 4,000 milestone at Towcester in November 2013.
He was BBC Sports Personality of the Year in 2010, and has twice come third in the voting for the annual award.
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