We report eclipse mapping of time resolved spectroscopy of the dwarf nova IP Pegasi on the late decline from the May 1993 outburst . The continuum light curves exhibit an asymmetric ‘ V ’ shape with broad bulges and results in eclipse maps with two asymmetric arcs extended both in radius [ R \simeq ( 0.2 - 0.6 ) R _ { L 1 } , where R _ { L 1 } is the distance from the disc centre to the inner lagrangian point ] and in azimuth ( by \simeq 90 \degr ) , interpreted as a two-armed spiral shock . The spiral arms are thus still visible some 8 days after the onset of the outburst . Their fractional contribution to the continuum emission , 12 per cent of the total light , is similar to that measured close to outburst maximum , whereas their orientation is rotated by 58 \degr with respect to the spirals seen in the eclipse map at outburst maximum . The radial temperature distribution computed from the spiral-free disc regions is flat , with temperatures of about 5000 K at all disc radii . Velocity-resolved light curves across the H \alpha and the He I lines show the classical rotational disturbance , with the blue side of the line being eclipsed earlier than the red side . The differences between the H \alpha and the He I maps are significant . The spiral arms are clearly seen in the He I maps , with the receding arm being stronger in the red side while the approaching arm is stronger in the blue side of the line . The analysis of the H \alpha maps suggests that this emission arises mainly from a large and vertically-extended region which we interpret as an outflowing ( and spiraling ) disc wind . The H \alpha emission-line surface brightness is flat in the inner disc regions ( I _ { \nu } \propto R ^ { -0.3 } for R < 0.3 R _ { L 1 } ) but decreases sharply with radius in the outer disc ( I _ { \nu } \propto R ^ { -2 } for R > 0.3 R _ { L 1 } ) . The spectrum of the uneclipsed light is dominated by a strong , blueshifted and narrow H \alpha emission line superimposed on a red continuum and can be understood as a combination of emission from an M5V secondary star plus optically thin emission from the outer parts of the vertically-extended disc wind . The inner disc regions show an emission line spectrum with a strong [ EW = ( 100 \pm 2 ) Å ] and broad ( FWZI \simeq 3000 km s ^ { -1 } ) H \alpha component superimposed on a flat continuum . This is in marked contrast with the results from the spectral mapping of nova-like variables of comparable inclination and mass ratio and suggests that intrinsically different physical conditions hold in the inner disc regions of outbursting dwarf novae and nova-like systems .