Hawke's Bay halfback Brad Weber got on the end of some silky touches from Neria Foma'i and Jonah Lowe to put the Magpies back in front with a try.
But the final 15 minutes of the first half were largely one way traffic for Waikato as they ran in tries to D'Angelo Leuila and James Tucker give them a 24-17 lead by the 34th minute.
Makene slotted a penalty right on halftime to get the Magpies back within one score.
Hawke's Bay came out the gates hot once more, immediately getting front foot ball inside the 22 metre line.
Second five eighths Danny Toala crashed over from close range to put the Magpies up by three in the 45th minute.
Waikato responded in stunning fashion with winger Daniel Sinkinson finishing a brilliant backline move immediately from the restart.
Magpies break back into 22 themselves and the hosts have to defend several red zone phases from Hawke's Bay before forcing Neria Foma'i over the sideline.
The Mooloos defensive line speed got them out of jail and a Hawke's Bay penalty for not rolling away allowed Damian McKenzie to make it 32-27 in the 59th minute.
Waikato number eight Luke Jacobson picked up a dumb yellow card in the 65th minute for cynically slapping the ball out of Brad Weber's hands at a ruck.
Hawke's Bay took advantage of the extra man when captain Tom Parsons crashed over for the Magpies' fourth try.
Toala missed what looked like a regulation conversion to leave the scores tied at 32 heading into the final 10 minutes.
Waikato monopolised possession until Jacobson's return and earned themselves a scrum penalty for angling in, 46 metres from goal near the right touchline.
McKenzie missed to the right and Hawke's Bay held out for golden point.
The Magpies quickly broke up over halfway before losing the ball inside Waikato's 22 metre line.
Waikato countered quickly and McKenzie had another shot to win when Bay prop Joel Hintz was pinged for not rolling away in the Magpies red zone.
The first five missed to the right again, but a 50/22 from Liam Coombes-Fabling put the Mooloos back in scoring range with two minutes left in golden point.
McKenzie missed two long-range drop goals either side of a goalline drop-out from the Magpies, and Hawke's Bay put the ball out with time up to settle for the draw.
In Whangarei, the Hawke's Bay Tui scored 25 unanswered points in the second half to roll over Northland Kauri for their second straight win of the 2022 Farah Palmer Cup.
Waikato 32 (Sullivan, Leuila, Tucker, Sinkinson tries; McKenzie 2/2 pens, 3/4 cons)
Hawke's Bay 32 (Walker-Leawere, Weber, Toala, Parsons tries; Makene 3/3 cons, 2/2 pens, Toala 0/1 con)
HT: 24-20
