In one embodiment, a corrosion inhibiting composition is formed by combining: (a) an inorganic phosphate; (b) a water soluble polyelectrolyte polymer dispersant; (c) a tri or tetracarboxylic acid; and (d) at least one additional component comprising at least one of a C.sub.4-C.sub.22 aliphatic or aromatic mono- or dicarboxylic acid, a silicate and at least one of a silicone or a silicate stabilizing siloxane compound, and mixtures thereof. Also disclosed are heat transfer fluids that include about 5% to about 99% by weight of freezing point-depressing agent; about 1% to about 95% by weight of water; and the disclosed corrosion inhibitor composition. A method of reducing corrosion in a heat transfer system containing one or more components that contain magnesium or a magnesium alloy requires that the system and the magnesium containing components be in contact with the disclosed heat transfer fluid.