After falling behind to an Archie Thompson goal on 21 minutes, Heart turned the game around thanks to a sublime five-minute spell from Matt Thompson, who scored goals in the 37th and 39th minutes.
A memorable result for the home side was sealed just after the hour when substitute Alex Terra manufactured a spectacular goal inside the box.
Carlos Hernandez, who earlier missed a penalty at 0-0, slotted home a brilliant free-kick in injury-time, but it proved little more than academic.
While the win gives Heart significant cross-town bragging rights and puts them six points clear of Victory near the halfway point of the season, more importantly it sees them move above Brisbane Roar into second having played the same amount of games as the defending champions.
Meanwhile, Central Coast Mariners secured a sixth successive win to extended their lead at the top of the table to five points with a 3-1 success over 10-man Perth Glory.
The beleaguered Glory had centre-back Josh Mitchell sent off for a dangerous tackle on 26 minutes and while the match remained goalless at the break the Mariners roared into a 3-0 lead soon after the resumption.
Bernie Ibini fired the leaders ahead with a fierce close-range effort on 48 minutes before Pedj Bojic fortuitously beat Glory goalkeeper Danny Vukovic when he lunged forward to chip in.
Ibini then set up Matt Simon following a quick counter-attack on 64 minutes to leave the home fans booing.
Glory's night got worse when star striker Shane Smeltz limped off before substitute Steve McGarry got a late consolation when Mariners goalkeeper Matthew Ryan spilled his well-hit 25-yard drive into the net.
Dani Sanchez and Mirjan Pavlovic were at the forefront of Wellington Phoenix's 5-2 win over Newcastle Jets.
Sanchez bagged a first-half double with clinically taken goals in the 16th and 34th minutes.
Chris Greenacre, on his 34th birthday, slid in for a third in the 39th minute leaving the Jets reeling by half-time.
The visitors pulled one back through Sung-Hwan Byun early in the second half from a direct free-kick but Pavlovic, who replaced Sanchez, made the game safe with two goals in two minutes before Ryan Griffiths headed home a late consolation for the Jets.