"We have beaten Derby for the first time in over six years and the fans should enjoy it because it was a wonderful performance and result."
Forest did the damage in the opening 45 minutes, a half that Davies described as 'magnificent'.
Opposite number Nigel Clough commented: "I thought we were a little unfortunate to come in 3-0 at half-time having created two one-on-one chances ourselves and had a goal disallowed.
"I can't remember our keeper having a save to make strangely enough, it wasn't as if our goal was getting peppered and he was pulling saves off left, right and centre."
The Reds, who will play Blackburn Rovers at home in the next round of the League Cup, picked up where they had left off against Middlesbrough to cap an immensely satisfying eight days.
"We've won twice and drawn once and we could easily have been reflecting on three wins," Davies told the official club website.