Over 32,000 fans attended the action-packed encounter at Etihad stadium.
Victory surged to a two-goal lead inside the first 35 minutes, through former DC United striker Danny Allsopp and Carlos Hernandez.
Heart hit back before halftime thanks to John Aloisi's effort that came via the acrobatics of Alex Terra.
The visitors were level seven minutes into the second-half through Aloisi's second.
Victory skipper Kevin Muscat was shown a red card late on for a lunge at Heart midfielder Adrian Zahra.
Victory remain fifth on the table with 34 points, while Heart are sixth on 33 points.