The champions are one point behind Panathinaikos who play Asteras Tripolis on Sunday after their draw in northwestern Greece.
It had all started well for the Piraeus club with Michal Zewlakow opening the scoring with a powerful header from a free kick.
Costas Mitroglou, fresh from his debut for Greece a week earlier, doubled Olympiakos's lead in the 80th minute when he finished coolly in a one-on-one situation with the home keeper Dimitris Eleftheropoulos.
At that point, it looked like Zico's men would put the disappointment of a home draw against Iraklis two weeks ago behind them but again they were caught cold by a late comeback.
PAS struck back in the 83rd minute with a shot from outside the area from Christos Tzanis and in the 90th minute Ibrahima Bakayoko stooped to equalize with a header.
Olympiakos coach Zico will now be looking for nothing less than all three points against Panathinaikos at the Karaiskaki Stadium on Sunday.
Saturday also proved a disappointing day for AEK, who were beaten 2-1 at Kavala.
Sinisa Dobrasinovic opened the scoring for the home side in the 55th penalty after the referee awarded a controversial penalty.
Midfielder Savvas Gentzoglou replied in the 68th minute for the visitors but AEK were not able to hold on and five minutes from time when Apostolos Giannou popped up to grab a second for high-flying Kavala who move up to third on 18 points, the same as PAOK who play on Sunday. AEK are in fifth place on 15 points.
In Saturday's other game, Xanthi beat Levadiakos 1-0. The only goal of the game was scored by Argentinean Mauro Poy with a close-range finish in the 10th minute.
Levadiakos remain in the drop zone on eight points. Xanthi move up 10th with 13 points.
The Greens had to wait more than hour before Levadiakos's resistance was finally worn down. Defender Loukas Vintra rose to head a 67th minute corner against the legs of Levadiakos goalkeeper Nikos Karakostas and then watched as the ball trickled into the net. It was scrappy but PAO coach Henk ten Cate was not complaining.
He would have been ecstatic about the second goal, which secured all three points but also showed that the Greens can play some neat football.
French striker Djibril Cisse scored it in the 81st minute when he latched onto a sublime through ball from Gilberto Silva and stroked the ball past Karakostas.
The win means that Panathinaikos have 28 points after 10 games while Olympiakos are in second on 26.
Olympiakos were held to a 1-1 draw by Iraklis on Saturday thanks to an injury-time goal from teenager Apostolos Vellios.
The champions, missing several players through injury, took the lead in the 40th minute thanks to a powerful shot by Enzo Maresca from the edge of the area.
Then, much to the anger of the home fans, a Costas Mitroglou goal ruled out although replays showed no offense was committed. Dudu also hit the bar late on.
Olympiakos were made to pay when Vellios connected with a Dennis Epstein cross and saw the ball bounce into the ground and over the arms of Antonis Nikopolidis. It was the least Iraklis deserved after a late surge in the game, indicating that the return of Savvas Kofidis on their bench is already having the desired effect.
The game ended with Olympiakos players and officials surrounding the referee to complain about his decision to disallow Mitroglou's goal.
PAOK went clear in third place with a 2-1 win away to basement boys Panthrakikos. The Thessaloniki team's goals came from Vierinha and Pablo Garcia. Bedi Buval replied for the hosts who remain bottom of the league with just one point.
PAOK are on 18 points after 10 games, three ahead of local rivals Aris who were held to a 0-0 home draw by Kavala on Saturday despite the visitors having three players sent off in the second half.
Aris had more than 20 attempts at goal and hit the post and the bar during the game but were unable to break down the resistance of Kavala, this season's surprise package.
The new Aris manager Hector Raul Cuper watched the game from the stands and will have been impressed by his side's build-up play but knows that he needs to improve his players' finishing.
On Sunday, Daniel Cesarec scored a hat-trick as Asteras Tripolis beat PAS Yiannina 3-0. Cesarec is the Super League's top scorer with 10 goals.
Bosko Balaban did his best to keep up with the Croation by scoring two for Panionios as they won 2-1 at Xanthi.
Atromitos and Ergotelis drew 0-0 in Athens, leading to the home fans barracking their own players, coach and officials.
AEK take on Larissa on Monday afternoon.
P W D L F A Pts
1 Panathinaikos 10 9 1 0 20 5 28
2 Olympiakos 10 8 2 0 17 4 26
3 PAOK 10 5 3 2 12 6 18
4 Kavala 10 4 3 3 11 8 15
5 Aris Salonika 10 3 6 1 10 8 15
6 Ergotelis 10 3 5 2 15 12 14
7 Asteras Tripolis 10 4 2 4 13 13 14
8 Panionios 10 4 2 4 12 11 14
9 AEK 9 3 3 3 10 10 12
10 Iraklis 10 3 2 5 8 11 11
11 Larissa 9 2 4 3 10 13 10
12 PAS Yiannina 10 2 4 4 8 13 10
13 Xanthi 10 3 1 6 6 10 10
14 Atromitos 10 2 3 5 9 10 9
15 Levadiakos 10 2 2 6 6 17 8
16 Panthrakikos 10 0 1 9 6 22 1
Cup draw was kind to Panathinaikos
Could be tricky for Aris, PAOK
Cisse double sends PAO top
Greens join Olympiakos in first place
Greek Cup 2009-2010
Third and Fourth Round results and fixtures
Katsouranis double keeps Greens top
PAO beat PAOK 2-1 to join Olympiakos in first place
Kavala halt Panathinaikos march
Late goal from Cisse saves Greens' blushes
Cisse double makes it six for PAO
Olympiakos two points behind but AEK beaten by Xanthi
PAO beat AEK to stay clear at top
Perfect start for Greens, as Olympiakos win as well
Kapsis close to hanging up his boots
He has clashed with the Levadiakos owner
Quique is back for Levadiakos
Spaniard agrees a two-year deal
Vukotic resigns from Levadiakos bench
Fourth manager to go
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