The Suns won 14.17 (101) to 13.12 (90) on Saturday at Carrara, Ben King kicking four goals and the hosts defying some Nick Daicos and Jordan de Goey brilliance.
They led by 32 points late in the third quarter before Craig McRae's men mounted their latest comeback, kicking the next six goals to lead by one point with four minutes to play.
The Magpies had come from 54 points behind to beat North Melbourne in their last game.
But the Suns weren't about to become another statistic for the defending premiers.
In front of a sell-out crowd of 23,029, Bodhi Uwland broke a tackle and Ben Long bombed a goal before Ben Ainsworth added another. Â
Ben Long booted a late go-ahead goal for the Suns. (Dave Hunt/AAP PHOTOS)
Three minutes remained but some brave Suns defence, led by ruckman Jarrod Witts despite copping a knock to the back, ensured there would be no Magpie miracle.
"God, they're incredible aren't they, the way they come back," Suns coach Damien Hardwick said of Collingwood.
"Hint to other coaches: when the game's like that, tag Daicos, tag de Goey.
"They're incredible the way they work together. We tried, but couldn't get it done.
"But when we did get headed we responded really well."
Hardwick was especially thrilled with the efforts of forward-turned defender Joel Jeffrey and emerging wing Uwland.
Victory - an eighth from eight home games this season - lifted the Suns to ninth on the live ladder, only one win behind the fifth-placed Magpies.
Collingwood looked destined for another final-quarter fairytale when the returning de Goey (21 touches, two goals) brushed a tackle and booted a ripping goal from the pocket.
Jordan De Goey helped give the Magpies hope of another comeback victory. (Dave Hunt/AAP PHOTOS)
Nick Daicos (32 touches, two goals) then did it himself from the centre bounce to make it a four-point game.
Nathan Kreuger then booted the visitors ahead before the Suns puffed their chests out and found a response.
The Suns didn't tag Daicos until the final term, instead backing their midfield to go toe-to-toe with the Magpies'.
It held up, Noah Anderson (38 touches) everywhere, Sam Flanders (33, one goal) prolific, Touk Miller (31) busy and Matt Rowell his bullish self as they handballed their way through the Collingwood traffic.
Touk Miller had 31 touches in a competitive Suns midfield. (Dave Hunt/AAP PHOTOS)
It was a chess match between the former Richmond coaches early, the Suns pushing up and the Magpies replying with three runaway goals from their defence.
But the Suns' pressure lifted in the second term, keeping the visitors scoreless until Josh Daicos's goal three minutes before halftime reduced the margin to 20.
Collingwood had the better of the third term too, Nick Daicos eventually converting their territory into a goal to make it a 12-point game.
The Suns kicked the next three, King adding his fourth as they threatened to streak clear before the Magpies' inevitable charge.
"Anyone that's watched us in the last couple of years knows we're coming," McRae said, lamenting their inability to produce the required pressure and intensity until the final term.
"We're really proud of that ... but we don't want to be in these positions
"How many times do you want to put yourself in a position where you're going to have to do this miraculous comeback?"
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