There is a solution using the concept of envelope. Indeed, parabola $P$ with equation $y=x^2$ can be considered as the envelope of all possible ping-pong balls with generic equation:
$$x^2+(y-f(r))^2=r^2$$
where we have to check that $f(r)=r^2+\frac14$.
The classical method for the determination of envelopes is obtained by working with a system of 2 equations, the initial one (1) and the equation obtained by differentiating it with respect to the parameter, here $r$, which is :
$$-2(y-f(r))f'(r)=2r\tag{2}$$
Extracting
$$y-f(r)=-\ \dfrac{r}{f'(r)}\tag{3}$$
and plugging this expression into (1), we get
$$x^2=r^2-\left(\dfrac{r}{f'(r)}\right)^2\tag{4}$$
Replacing now $y$ in the LHS of (3) by $x^2$ in (4), we get:
$$r^2-\left(\dfrac{r}{f'(r)}\right)^2-f(r)=-\ \dfrac{r}{f'(r)}$$
which is equivalent to:
$$r^2f'(r)^2-r^2-f(r)f'(r)^2=-rf'(r)$$
We will not solve this differential equation.
It is sufficient to check that $f(r):=r^2+\tfrac14$ is a solution.