Victory took the lead early on in the first half through Fahid Ben Khalfallah.
The Reds drew level before the break thanks to a Pablo Sanchez header, before Dylan McGowan nodded his side in front on 74 minutes.
However a goal, from the host's old nemesis Archie Thompson, earned Kevin Muscat's side a point.
In front of its fervent home support, Adelaide was full of attacking intent from kick-off and while it created a few early openings, Victory managed to repel the Reds in front of goal.
With Melbourne's first real foray forward on nine minutes it took the lead. A long-range effort from the in-form Ben Khalfallah beat Eugene Galekovic on the near post to make it 1-0.
Adelaide wasn't deterred by the early goal and Victory goalkeeper Nathan Coe was at full stretch to deny James Jeggo from distance just three minutes later.
After consistent pressure from the Reds, they finally made the breakthrough just before the interval.
From a quick throw Sergio Cirio looped a cross over the head of Coe to the back post. Sanchez, who came in for last week's goal hero Craig Goodwin, was on hand to nod in the equaliser and send the Adelaide fans into a frenzy.
The home side continued to dominate possession and press aggressively after the break.
Mid way into the second half it finally made its dominance count. Coe pulled off an incredible save to deny McGowan from point blank range.
Jeggo, who leapt back onto the field from behind the byline, crossed the ball back in and a McGowan header was deflected beyond the goalkeeper to put Adelaide ahead 2-1.
The Reds' lead lasted less than five minutes as Victory responded with its first meaningful attack of the second period.
Gui Finkler released Archie Thompson, who rounded Galekovic before sliding the ball home to draw Melbourne level.
The point moved Victory into second place on the ladder, level with Sydney FC on 38 points, while Adelaide jumps to third with 37 points.
