Rose made two free throws with 2 ½ minutes left to give Chicago the lead, then drove past Tony Allen and converted over Marc Gasol with 10 seconds remaining to increase Chicago's lead to 97-93. Once again hearing those 'MVP!' chants, Rose made the resulting free throw.
Memphis had one last chance after O.J. Mayo connected from long range and Rose had a 1-for-2 trip at the line, but Mike Conley missed a 3-pointer over Joakim Noah as time expired.
Rose finished with 24 points, seven rebounds and seven assists for Chicago, which has won 11 of 12 and 18 of 21. Luol Deng scored 23 and Carlos Boozer added 12 points and nine boards.
The Bulls extended their home winning streak to 14 games and increased their lead in the Eastern Conference to two over Boston, which lost 83-81 to Charlotte.
Zach Randolph had 16 points and Marc Gasol added 14 points and 11 rebounds for the Grizzlies, who were coming off a 90-87 win at the Celtics on Wednesday. Allen scored 13 — all in the first half — and Conley finished with 11.
Conley's drive with about 6 minutes left gave Memphis an 88-84 lead, but the Grizzlies couldn't hold on. Kyle Korver set up Boozer for a dunk and Deng's rebound tip-in quickly tied it up.
Leon Powe had 11 points and fellow reserve Darrell Arthur finished with 10 for Memphis, which dropped to 22-10 in its last 32 games. The long and athletic Grizzlies are currently in the eighth and final playoff spot in the West.
Allen helped Memphis get off to a nice start, slicing through Chicago's defense for a couple of easy baskets and frustrating the Bulls with his long arms and intensity on defense. He also played to the hostile crowd, yelling after a Grizzlies run and galloping down the court after another basket.
Allen's long jumper with 3:12 left in the second quarter capped a 14-2 run and gave Memphis a 45-37 lead. He went 6 for 7 from the field in the first half.
The Bulls responded with a 12-1 spurt to close the period. Deng had eight points, including two 3-pointers, and Rose threw up a fallaway jumper with 1.4 seconds left to make it 49-46 Chicago at the break.
