Hawks forward Dylan Moore, who kicked a goal to tie the match in round eight against the Magpies, failed to make the distance when he kicked after the siren on Saturday night.
It was the first time the same teams have drawn against each other in the one season in VFL/AFL history.
Kicking from 40m out on a tight angle, Moore's kick was in the air when the siren sounded, but was knocked back into play by Magpies youngster Sam Swadling on the line.
It meant scores were square at 13.14 (92) each, just one point off the 93-93 classic earlier in the season, stunning all the players and those watching.
Although Hawthorn would be disappointed not to walk away with all four points, their top-four spot should still be secure as long as they defeat West Coast next week.
A loss would have tipped them out of the top-four this round and almost certainly ended their hopes of a double-chance.
Down by 22 points at halftime after conceding five-straight goals in the second quarter, the Hawks were a different team in the third term.
"When you play against good sides, you're not going to get the game on your own terms the whole time," Hawks coach Sam Mitchell said.
"We changed some tactical, structural things at halftime, and I thought it was a pretty mature response."
Ahead by just three points at the final change, Hawthorn traded blows with Collingwood in a dramatic 10-goal final term.
The Hawks kicked the first three goals of the final quarter to grab a 21-point advantage, before Collingwood hit back with four quick majors of their own to reclaim the lead.
Brownlow Medal favourite Nick Daicos was the leading possession winner on the ground with 36 (also kicking a goal), while his brother Josh also had a significant influence on the result.
Unheralded Hawks midfielder Josh Ward enjoyed a superb final term, booting two goals in a minute and finishing with six clearances for the match.
Already secure in the finals, Collingwood's slim hopes of pushing into the top-six are over after this result.
The Magpies will almost certainly finish eighth ahead of the wildcard round, with reigning premiers Brisbane to come at the MCG on Friday night to end their home-and-away season.
Despite not winning, Collingwood coach Craig McRae revelled in pumping up the Magpies faithful post-game.
"It's always hard to know how to react after a draw," McRae said.
"But I thought we won a lot of things. The scoreboard wasn't one of them.Â
"Just immensely proud of our group right now.
"I was pretty over-the-top with the crowd, but I don't want to sit and not celebrate that."
Collingwood could regain four stars against the Lions, including Steele Sidebottom, who was a late withdrawal due to illness just two days after announcing he will retire at season's end.
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