Nestory Irankunda had stunned the football goliaths with a masterful free kick in the 68th minute at Queensland Country Park on Friday night.
But the Socceroos - dogged all evening - crumbled at the final hurdle, with substitute Rayan guiding home a headed leveller with the last touch of the game.
Australia have now beaten Brazil only once across 12 meetings, with Shaun Murphy landing the decisive strike at the 2001 Confederations Cup third-place play-off.
But national team boss Tony Popovic will not be completely disappointed after a gutsy performance against the world No.5 outfit.
In a distinct change to their World Cup campaign, the Socceroos - eyeing silverware at next year's Asian Cup - were unwilling to simply sit deep and wait against Brazil.
And when the door opened after Douglas Luiz took youngster Paul Okon-Engstler to ground, Irankunda did not hesitate to step through it.
The 20-year-old fired home a curling free kick to nail Australia's second-ever senior goal against the giants of the world game, marking the occasion with a backflip in front of the sold-out crowd.
"Maybe it's a sign of progress if we are a bit disappointed and the dressing room is a bit quiet," Popovic said.
"It's clear that the players have grown since the World Cup.
"They were brilliant, and today was another step forward against the very best in the world."
Brazil had found the back of the net first through Chelsea star Estevao, but the teenage phenom's first-half goal was chalked off, with Bruno Guimaraes found by VAR to have fouled Harry Souttar in the build-up.
Both teams were playing their first match since suffering early World Cup exits, with Brazil coach Carlo Ancelotti retaining only nine players from the tournament in his 26-man squad in Queensland.
Popovic gave Tete Yengi the nod to lead the Socceroos' attack in the absence of the injured Mohamed Toure, with new Sporting Lisbon star Irankunda calling the shots from his preferred position on the left wing.
"There's a clear difference in Nestory already in terms of his maturity," Popovic said.
"You go to a new club, they don't give you minutes, they give you nothing. You have to earn everything.
"That's what we want at the Socceroos … He delivered today."
Former A-League star Marcus Younis, now with Brondby in Denmark, made his national team debut in the 84th minute, coming off the bench for Connor Metcalfe.
Play was briefly delayed after Jacob Italiano and Douglas Santos clashed heads in the eighth minute, but both continued.
Ancelotti voiced disappointment with the state of the Townsville pitch after the match, but Popovic dismissed his concerns.
"Because it's Brazil, they see the pitch and, of course, they're not happy with it," the Socceroos coach said.
"We'd love to have carpet as grass to play on like we did at the World Cup, but at the moment that's a dream that's not close to reality."
The Socceroos will get a second chance to pick up a long-awaited win over Brazil when the teams meet again at Brisbane's Suncorp Stadium on Tuesday.
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