Queensland's spirits dipped further when Victorian fast bowler Michael Lewis removed key batsman Jimmy Maher (0) and Martin Love (14) in the last hour.
At stumps on the penultimate day, Queensland were 56 for two in their second innings with Clinton Perren on 32 and Stuart Law eight not out and victory apparently out of the question.
Queensland need another 520 to win on Tuesday's final day.
Having made 710 in their first innings, Victoria opted not to enforce the follow-on after bowling Queensland out for 275.
Instead, Victorian captain Darren Berry chose to inflict more misery on Queensland by sending in openers Matthew Elliott (55 not out) and Jason Arnberger (72), who smashed the Queensland bowlers around for two hours.
Berry declared at 140 for one and set Queensland a monumental victory target with three-and-a-half sessions to play.
Victoria are on the verge of claiming their first first-class title since 1990-91.
The highest successful run chase in Australian domestic cricket is 506 South Australia made to beat Queensland in Adelaide in 1991-92.
Victoria 710 (M Elliott 155, J Moss 98, J Arnberger 90, B Hodge 89; A Noffke 3-104, N Hauritz 3-145) and 140 for one declared (J Arnberger 72, M Elliott 55 not out; N Hauritz 1-54), Queensland 275 (J Maher 72, M Love 65 not out; C White 4-66) and 56 for 2 (C Perren 32 not out; M Lewis 2-19).
Victoria moves towards Shield win