South Korea struck the first blow when Koo Ja-cheol, who scored both goals in their opening 2-1 win over Bahrain, scored his third goal of the tournament by taking advantage of some slack Australia defending after 24 minutes.
Mile Jedinak pulled Australia level with a header after 62 minutes, capitalising on the only mistake the impressive Korean goalkeeper Jung Sung-ryong made in the game when he failed to clear a cross.
Mark Schwarzer kept Australia in the match with a reflex point blank save from Ki Sung-yong after 87 minutes and a draw at the Al Gharafa Stadium was a fair result between the two evenly matched tournament favourites.
Both teams now have four points from their opening two matches with Australia, who beat India 4-0 in their opening match, leading the standings on goal difference.
India and Bahrain were meeting in the second Group C match kicking off at 1615 GMT.
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