Mark Milligan's Jets entered the round three points clear of second-placed Auckland and if they had won at AAMI Park on Friday night they could have claimed the premiership as soon as Sunday if Auckland failed to beat Central Coast.
The draw - snatched via ex-Victory winger Eli Adams' 89th-minute equalising penalty - means Steve Corica's Auckland must beat or draw with Central Coast on Sunday to keep the premiership race alive.
Newcastle (45 points, goal difference of +12) lead Auckland (41 points, +14) and will head into their final-round match against arch-rivals Central Coast with destiny in their own hands.
"We complain about everything; about the scheduling, about what days we're playing, but in all honesty it couldn't have been written any better for these lads," Milligan said with a grin.
"Most importantly, our destiny is in our hands."
Jets substitute Xavier Bertoncello could have snatched three points in the 93rd minute but hit the bar.
"It shows who we are, the character of this team, and what this team represents," Milligan said.Â
"That's brave for me, because once it goes to 2-2, I don't think there's too many teams out there that would then go and try to win the game in extra time."
Former Victory skipper Milligan, who won the double under Kevin Muscat in 2014-15, couldn't help but note Melbourne's switch-up to a more defensive formation.
"I didn't expect to come to AAMI Park and play against a back five, to be totally honest with you," Milligan said.
Adams drew first blood with a fierce strike in the 19th minute and eight minutes later Lachie Rose tapped home but was offside.
Charles Nduka finished off two lovely team moves in the 31st and 34th minutes to turn the game Victory's way.
Victory's Denis Genreau rustled the side netting with a free kick in the 45th minute.
Newcastle's James Delianov pulled off an extraordinary close-range save to deny Nishan Velupillay's header in the 58th minute.
In the 73rd minute, Nduka failed to bury his third.
Then, Sebastian Esposito needlessly brought down Lachlan Bayliss late, and Adams tucked away the penalty.
Arthur Diles's Victory (37 points) move to third, but the draw ends their top-two hopes.
"In that first probably 15, 20 minutes of that second half, we should have killed that game," Diles said.
"We should have put them to bed and we didn't. And that's the most disappointing part."
Victory end their regular season away to battling Western Sydney next Saturday, when they should regain Juan Mata from a fractured elbow.
