The draw meant the Olyroos and Korea finished level on seven points and undefeated atop Group H, with Korea taking first place thanks to their superior goal difference - 13 compared to the Aussies' 12.
Only group toppers qualify directly for the AFC U-23 Championships, but Graham Arnold's men are still in a strong position to qualify - with the best four second-placed teams also advancing.
The Olyroos will have to wait for all the results from the other 10 groups, but their 7 points, high goal difference, and high number of goals scored should be enough.
The fifth-best second-placed team from the 11 groups will also qualify should Thailand – who have qualified automatically for the tournament as hosts – finish as either Group K winners or runners-up.
At the 2020 AFC U-23 Championships, the best three teams will qualify for the Tokyo 2020 Olympic Games, alongside Japan who qualify as hosts.
The Olyroos were off to a superb start with Brisbane Roar's Nicholas D'Agostino bagging a brace in just 24 minutes, the first off a low Lachlan Wales cross and the latter off a nice pass from Alex Gersbach.
Cho Young Wook pulled one back for Korea before half time after a deflected shot bounced kindly to him.
Korea found an equaliser in the 63rd minute - number 10 Lee Donggyeong firing home an excellent shot from the edge of Australia's box.