Kevin Muscat's men had the opportunity to move to the top of the table with a win in Archie Thompson's 200th A-League appearance, but the never-say-die Phoenix had other ideas, coming from behind twice before Nathan Burns tapped in the winner in the 77th minute.
Both sides showed a willingness to get players forward in an entertaining high-tempo contest, but Victory had the better of the early exchanges and were left to rue its failure to convert several gilt-edged scoring opportunities, including a penalty.
Besart Berisha did brilliantly to chest a high ball down and volley a powerful shot that drew a an excellent save from Glen Moss in the eighth minute, but the Albanian striker hit the left post with his low spot kick after Ben Sigmund's clumsy tackle on Mark Milligan drew a yellow card and a penalty with 17 minutes played.
Gui Finkler hit the crossbar and Kosta Barbarouses had only the advancing Moss to beat and couldn't, as the frustration of the home crowd grew, before Scott Galloway finally released the pressure in the 34th minute.
The 19-year-old followed his own cross from the left into the box and lashed his low shot through the legs of a defender and an unsighted Moss to give his side a deserved lead.
Phoenix had been playing with great endeavour without giving Victory keeper Nathan Coe too much to do and its work was rewarded with a brilliant free kick from Rolieny Bonevacia in the 42nd minute.
With the Victory wall standing on the edge of the box, the Dutchman curled his shot into the top left corner to send the sides into halftime deadlocked.
Victory turned up the heat after the break and deserved to go ahead once more in the 53rd minute when Barbarouses coolly converted from close range after being set up by Carl Valeri.
But with the champagne on ice, Muscat's men were inexplicably unprepared for a set piece in the 68th minute when Michael Boxall wandered in behind their defence to head home a Bonevacia free kick.
The scene appeared set for Thompson when he was subbed on in the 73rd minute, but a quick counter-attack by Phoenix again caught Victory napping with Boxall squaring the ball to Burns who scored with the simplest of tap ins.
With the home crowd in full voice, Victory pressed hard but couldn't find a way through as Ernie Merrick's side held on for a memorable win.
"I don't think there's any shortage of spirit in this team," Merrick said.
"Their tenacity, their determination to achieve ... it's a very strong group of players who get on extremely well off the field and on it."
Phoenix moved into fourth spot with the win - equal on points with Victory and Adelaide United.
Muscat lamented costly lapses from his players at both ends of the ground.
"We had enough clear-cut chances to be a few goals ahead," Muscat said.
"Having said that, the way we defended as a team it possibly wouldn't have been enough anyway."
