England's hopes of victory in the one-off Ashes Test were dented by the loss of five late wickets on day four.
The hosts slipped from 55-0 to 73-4 in pursuit of 268 at Trent Bridge, with Australia's Ash Gardner taking three wickets.
England were 116-5 at stumps, with 152 still required in what would be the highest run chase in women's Test history.
An inspired bowling performance earlier saw Australia all out for 257 - Sophie Ecclestone starring with 5-63 to give her a 10-wicket match haul.
Victory in the Test match is worth four points, which would be shared should it end in an unlikely draw.
Openers Emma Lamb and first-innings double centurion Tammy Beaumont took the attack to Australia before they were dismissed in consecutive overs - Beaumont caught at slip off spinner Gardner and Lamb lbw to Tahlia McGrath.
Nat Sciver-Brunt was caught going for an ambitious slog sweep before captain Heather Knight was pinned lbw by a delivery that kept low from Gardner.
Sophia Dunkley and Test debutant Danni Wyatt combined for a 37-run partnership but the former was caught behind off Kim Garth for 16 with three overs remaining in the day, swinging the game firmly in Australia's favour.
Earlier, Australia resumed on 82-0 after England's poor start with the ball late on day three, but made amends through Ecclestone's brilliance combined with an inspired turnaround by the pace attack.
A fired-up Lauren Filer took two wickets before lunch, including Ellyse Perry for the second time in the match, before Australia's middle order lost three wickets for three runs after lunch.
Captain Alyssa Healy thwarted England's attack with a battling half-century but Ecclestone struck with the last two wickets.
England still have batting to come and will commit to their aggressive approach but are faced with Australia's three spinners on a worn pitch which is starting to turn and offer uneven bounce.
Indefatigable Ecclestone gives England hope
After a mammoth 46-over spell in Australia's first innings, there was concern over its impact on Ecclestone later in the game.
But with a second five-wicket haul in the space of three days the left-arm spinner proved there was nothing to worry about after all.
She toiled away with nagging accuracy and cunning variations for a further 30.5 overs, with each valuable wicket giving her a little more spark and energy to continue.
As Darcie Brown's review for lbw was unsuccessful for Australia's last wicket - Ecclestone's fifth - the spinner charged across Trent Bridge's outfield, soaking in the applause and hugs from her team-mates.
Credit also to Kate Cross, who took two wickets with a dislocated thumb after dropping a catch, and Filer, whose raw pace once again proved a key point of difference at Knight's disposal.
Australia played defensively and with little clarity as they unexpectedly collapsed from 151-2 to 257 all out.
But despite England and Ecclestone's brilliance, the hosts' loose bowling the previous evening, which gifted Australia a 92-run lead, could ultimately prove decisive.
Australia's spin fights back
After an Ecclestone-inspired collapse accounted for five Australia batters, Gardner ensured she was not the only spinner making headlines on a gripping day full of shifts in momentum.
Batting last was always going to be a challenge for England, as the Nottingham pitch is still playing well but just starting to offer a little more to the bowlers.
On day one, much was made of Australia's difference in team selection with three spinners to England's one - and it could potentially prove pivotal, although the visitors will be hoping Alana King's elbow injury will allow her to bowl on the final day.
Beaumont and Lamb raced to a half-century partnership as the boundaries flowed and England again pinned Australia on the back foot, with frustrated seamers struggling to find any swing or seam movement to trouble the openers.
But Beaumont's dismissal, slashing at Gardner's first ball outside off stump, stalled England in their tracks and Australia seized their opportunity.
Lamb reviewed her lbw decision but it was upheld on a very marginal umpire's call, Knight's ball from Gardner was almost unplayable and Dunkley was deceived by some late swing.
But Sciver-Brunt's shot is one that will be questioned, England's number four opting for a slog sweep having just seen Lamb depart in the previous over.
The hosts might now be up against it, but they have shown they can go toe-to-toe with the world's best side for four days.
And with thrilling action that has ebbed and flowed since the first ball, it is shaping up as a Test for the ages which has vindicated the decision to play a fifth day.
'The pressure is on Australia' - what they said
England bowler Sophie Ecclestone speaking to BBC Test Match Special: "The England team are all smiling and we're buzzing for tomorrow. The five wickets are a blow but that's Test cricket for you. It changes so fast.
"You can't go back and change it so you have to deal with what you've got. We're going for the win. It's either win or lose tomorrow."
Australia's Beth Mooney on TMS: "We're happy with the five wickets and hopefully we can get some more tomorrow morning.
"Credit has to go to our bowlers. I thought Ash and Kimmy [Kim Garth] did an exceptional job."
Former Australia captain Alex Blackwell on TMS: "The pressure is on Australia because they are in the better position now and England have fought back into the game more times than they would like - Australia wouldn't want to lose this Test match."
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