Hero Hockey India League's highest ever paid player, Tom Boon, scored the all-important equaliser for the Red Lions from a penalty corner with just one-tenth of a second remaining in the match.
The first quarter witnessed a keen tussle between the two sides but ended goalless.
But it was the second quarter, which produced enthralling hockey with as many as five goals being scored in quick succession.
Three minutes later, Australia skipper Eddie Ockenden made it 2-0. He stole the ball in the Belgian circle and netted it with a backhand strike.
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Jake Whetton tripled Australia's lead two minutes later by slotting in from close range after Belgian goalkeeper Jeremy Gucasoff half-stopped Matt Gohdes cross-shot.
But Belgium showed why they are regarded as one of the strongest hockey playing nations at present and pulled two goals back to narrow the margin before the halftime.
But after the change of ends, Flynn Ogilvie scored his first international goal to extend Australia's lead by finishing off a fine move down the left flank.
Two minutes later, Belgium captain John-John Dohmen scored another field goal to keep his side in the hunt with a quarter of play still left.
In the last few minutes of the final quarter, Belgium pressed hard in search of the equaliser and in the process secured a few penalty corners, the last of which came with seconds remaining , courtesy a video referral.
The result leaves Belgium on four points after two games while Australia have just one.