In an epic battle that had great goals, two penalties, seven yellow cards, fiery exchanges and a touch of controversy, Smeltz proved the home side's hero with a late brace.
Marc Janko gave the hosts an early lead from the spot before Kosta Barbarouses and Gui Finkler netted within seven minutes to put Victory 2-1 up at the break.
Sydney drew level after a contentious penalty 17 minutes from time, only for Nick Ansell to put Victory back in front just five minutes later.
But Smeltz had the final say with a superb header five minutes from the end as the two sides played out a 3-3 draw for the second time this season.
An injury-time penalty from Lee Ki-je enabled the Newcastle Jets to snatch a 1-1 draw with fellow strugglers Western Sydney Wanderers.
The Wanderers looked like set to haul themselves off the foot of the table and above the second-bottom Jets when Brendon Santalab converted from the spot after Daniel Mullen handled in the area.
But the Jets hit back, winning a spot-kick of their own two minutes into stoppage time as a result of Radovan Pavicevic's volley striking the arm of Antony Golec.
Ki-je kept his nerve to score and ensure the Jets remain one point ahead of the Wanderers.
The day's remaining game ended goalless between Wellington Phoenix and Melbourne City.
