At the close, Victoria were 592 for six off 186 overs and 723 minutes to prolong the agony for Queensland.
Victoria need only to draw the match to be crowned Shield champions and have cut down Queensland's playing time to conjure an improbable outright win with three days to play.
Victoria, who have not won the interstate competition since 1990-91, will bat on Sunday to become just the third side after Queensland (in 1994-95) and Western Australia (1986-87) to post 600 in a Sheffield Shield final.
"We'll bat until Queensland get us out," said Victorian captain Darren Berry.
Opener Matthew Elliott made 155 and Jonathan Moss made an entertaining 98 and was denied a hundred when he failed to get to the pitch of the ball and chipped off-spinner Nathan Hauritz to short mid-on.
Brad Hodge contributed 89 and Cameron White 54.