Glory, which heads second placed Wellington by a point with a game in hand, led through Andy Keogh, only to be pegged back by Daniel Georgievski's second half equaliser. Victory remains in fourth spot.
Perth - without a win in seven games - finished the match with ten men after midfielder Mitch Nichols was red carded against his former club right at the death.
The match, which attracted a raucous crowd of 22,525, was played at a heart-stopping tempo with Glory keeper Danny Vukovic making smart early saves from dangermen Fahid Ben Khalfallah and Besart Bersiha as the home side sought to blow Kenny Lowe's men away.
But Glory dug in, hitting Victory with pace and precision on the break when the opportunity arose.
And it took the lead in controversial circumstances in the 43rd minute when Michael Thwaite dinked the ball into the box where Andy Keogh was well placed to fire home his tenth goal of the season off Victory skipper Mark Milligan.
The goal sparked furious protests from the home side, with TV replays appearing to show the Keogh had strayed just offside before netting his first goal in four games, and Khalfallah was booked by referee Kris Griffiths-Jones during the heated aftermath.
Victory was up in arms again in first-half stoppage time with fervent appeals for a spot-kick after the ball brushed the elbow of Josh Risdon, with the officials ruling it was unintentional.
Victory pushed hard after the break as Glory sat even deeper, inviting the side to find a way through.
It came in the 63rd minute when Khalfallah fed Macedonian international Georgievski on the left hand side of the penalty area and he expertly curled his shot beyond Vukovic into the far corner of the net.
Victory almost took the lead two minutes later, with Vukovic scramblng across as his goal as Khalfallah's rasping drive flew just wide.
Then in the 73rd minute Khalfallah, in the thick of the action all night, headed just wide under challenge from Risdon from Carl Valeri's cross. Two minutes later, Vukovic beat away another Khalfallah effort.
Glory had to hold on desparately after Nichols was sent off after picking up his second yellow card for a stoppage time lunge at Valeri.
Victory coach Kevin Muscat said he thought Keogh's goal was offside but he was more upset about not earning the win he felt the performance merited.
"I thought we dominated, even at 1-0 down there was only going to be one winner tonight," he said.
"It was evident to me that there was one team trying to win the game."
Lowe said Keogh's strike was "probably offside" but his side had been on the receiving end of marginal calls in recent weeks.
"Obviously we like wins and we haven't won in a few," Lowe said. "We were very competitive, very organised, we make it hard for people."
