On a day where 15 wickets fell in the first two sessions, Queensland went to stumps at 8-195 in their second innings and leading by 244.
Peirson was out pulling for 82 just before the close, but not before combining for a crucial 119-run eighth-wicket partnership with Mark Steketee (48 not out).
The two-and-a-half-hour vigil between the pair was at complete odds with the rest of the day, and left the low-scoring match hanging slightly in Queensland's favour ahead of Sunday's play.
After Victoria began on Saturday at 2-43, they lost Peter Handscomb in the first over when he edged Xavier Bartlett to Matt Renshaw at second slip.
That set the tone for the next four hours of play, as Bartlett finished with 5-32 and rain hovered around the MCG for part of the morning.
Only Marcus Harris (42), Handscomb (24) and Tom Rogers (11) reached double figures for Victoria as they were all out for 123 to concede a 49-run first-innings deficit.
The chaos then continued into Queensland's second innings.
In-form Fergus O'Neill took two wickets in his first over to remove Bryce Street (one) and Angus Lovell (0), while having another lbw shout turned down.
Victorian paceman Fergus O'Neill has wreaked havoc on the Queensland batting line-up. (Morgan Hancock/AAP PHOTOS)
Renshaw looked in imperious form for Queensland, driving in the air and punching the ball off his pads.
But he too fell inside the first 10 overs, caught down legside off O'Neill (3-21) as Queensland's batting began to falter.
Jonathan Merlo also claimed a brilliant one-handed diving catch at point to remove Ben McDermott (three), as one of three quick wickets for quick Sam Elliott.
Queensland then found themselves 7-67 just before tea, and a drought-breaking first win of the season against ladder-leaders Victoria was looking shaky.
What a catch from Jono Merlo 🤯 QLD now 7/66 — Victorian Cricket Team (@VicStateCricket) #vicsdoitbetter pic.twitter.com/bsrtPGeS1IDecember 7, 2024
Enter Peirson.
He and Steketee became the only batsmen to look comfortable all day, with the wicketkeeper-batsman driving the Victoria quicks when they erred too full.
Peirson also cut and pulled well as the innings went on, and hit spinner Todd Murphy for two boundaries through the covers in one over.
Steketee also did some damage, hitting four boundaries in his knock and sending Murphy deep over the long-on boundary.
And while Peirson was set up by late by Mitch Perry and caught in a stacked legside field, he and Steketee had given Queensland the slight advantage.
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