Staring down the barrel of an upset defeat on Saturday after Francisco 'Chico' Geraldes' first A-League goal put the hosts up, Milanovic pressed his case for a national call-up with a pressure-laden equaliser.
Milanovic received a pass from Brandon Borrello, cut inside and blasted a ball into the top corner of the net, breaking Kiwi hearts.
The trip across the Tasman representing their game in hand on second-placed Western United, Alen Stajcic's side moved within three points of United with Saturday's point.
But missing out on three points means the Wanderers could fall as low as fifth on the table if results across the rest of the weekend go against them.
The competition's highest-scoring unit started the contest well but fell behind in the 21st minute.
Western Sydney keeper Lawrence Thomas found his path to contest a Hideki Ishige corner blocked by a tussle between Kazuki Nagasawa and Jack Clisby, opening up space for Corban Piper to attack the ball in flight and take the lead.
The Wanderers regathered themselves and restored parity 15 minutes later when Milanovic played a one-two with Zac Sapsford to find space before retaining the wherewithal to cut the ball back for Bozhidar Kraev.
But the Phoenix showed they could also take a punch when the second half began, retaking the lead when Geraldes was found by Kosta Barbarouses and buried a shot into the bottom corner.
It fell to Milanovic to rescue something from the game for the visitors, the 23-year-old Socceroos hopeful netting his fourth goal in as many appearances and his tenth of the season with his equaliser.
12°C