Left-handed Yuvraj struck a belligerent 113 with seven sixes and as many boundaries, while Jaffer hit 93 for the Indian Board President's XI on the final day of the four-day match here.
The hosts piled up 292-4 in their second innings before skipper Yuvraj declared 50 minutes after lunch to set the tourists an improbable victory target of 434 in a minimum of 53 overs.
Yuvraj and Jaffer, who were both excluded for the first two Tests of the four-match series starting in Bangalore on Thursday, vented their frustration on the hapless Australian bowlers.
The pair put on 200 for the third wicket as the home team, resuming at 110-2 with an overall lead of 251 runs, hammered 130 runs in the two-hour morning session.
Yuvraj, who smashed six sixes in an over during the World Twenty20 championships in South Africa last year, once again showed why he is regarded as one of the game's most destructive batsmen.
The left-hander hit off-spinner Jason Krejza for a six to reach 50 and also brought up his century with a six over mid-wicket against left-arm spinner Michael Clarke.
Yuvraj and Jaffer were severe on rookie Krejza, effectively ending the Tasmanian's hopes of playing the first Test by plundering 63 runs from his six overs in the morning session.
Krejza, who went for 0-123 in the first innings, was hammered for 76 runs in 11 overs in the second.
Seamer Stuart Clarke ended the mayhem by removing Yuvraj and Jaffer in successive overs.
First-innings centurions Rohil Sharma and Virat Kohli put on a quick 52 for the fifth wicket before the declaration came.
|Board President's XI - 1st innings||455|
|(R. Sharma 105, V. Kohli 105, P. Patel 62, Irfan Pathan 56, M. Johnson 4-75, S. Clark 3-67)|
|Australia - 1st innings||314|
|(M. Hussey 126, P. Chawla 5-89, P. Ojha 3-72)|
|Board President's XI - 2nd innings (overnight 110-2)|
|A. Chopra||lbw b Clark||6|
|Wasim Jaffer||lbw b Clark||93|
|S. Badrinath||c Haddin b Lee||14|
|Y. Singh||c Haddin b Clark||113|
|R. Sharma||not out||29|
|V. Kohli||not out||16|
|Extras||(b14, lb4, nb3)||21|
|Total||(for four wickets declared)||292|
|Fall of wkts||1-7, 2-35, 3-235, 4-240|
|Lee 18-2-60-1 (2nb), Clark 13-5-33-3 (1nb), Siddle 11-0-41-0, Johnson 11-3-25-0, Krejza 11-1-76-0, Clarke 6-1-39-0|