Alex Morgan, Tobin Heath, Megan Rapinoe netted for the USA before hometown heroine Mallory Pugh scored a double, the last deep into injury-time.
The contest in Colorado was an open and free-flowing match befitting of two of the world's best sides.
In a pulsating first half, the Matildas quickly found themselves on the back foot.
Led by emerging star Rose Lavelle and legendary forward Heath, the world's No. 1 side were denied by sharp Matildas defending until a moment of inspiration from Morgan.
The USA co-captain left Clare Polkinghorne on the turf and burned off Alanna Kennedy with a drop of the shoulder before striking her 100th international goal.
Australia responded on the half-hour mark with a lightning-fast counter. Kerr and Foord combined in midfield before the latter released De Vanna, allowing the 34-year-old to take a touch and strike the equaliser.
Kerr almost put Australia ahead with a deflected strike but the USA pushed on, forcing Ellie Carpenter into a last-gasp goal-line clearance and Lydia Williams into a finger tip save.
While the Americans were on top leading into the break, the Matildas changed the contest within two minutes of the resumption.
Kennedy surged from defence to play in Foord, who pirouetted before curling home one of the great individual efforts.
The result will not have blunted the Matildas' confidence heading into this year's World Cup.
Goal-scorers De Vanna, Foord and Kerr showed confidence is not in short supply in the team since new coach Milicic took over the top job.
Foord's second half stunner, which included a classy turn just on the edge of the box, remained the big talking point, despite the Aussie's fragility at the back.
The Aussies were left lamenting a few moments in defence where they were made to pay a heavy price for brief drops in intensity.
The Aussies still have plenty to be excited about heading into this year's World Cup in France where they will begin their campaign against Italy on June 9.
Australia went toe-to-toe with the World Cup favourites for almost the entire match in a contest that threatened to get out of hand.
De Vanna's first half goal was cancelled out just a few minutes later and the two teams went into half time 1-1.
America's 13 minute period where they caught the Matildas defence napping to score three quickfire goals proved to be the difference between the two teams.
Kerr said in the lead-up to the contest that her team was only looking to build on their new direction under Milicic since he replaced former coach Alen Stajcic in January.
"Tomorrow we want to play our game. We want to stick to what we believe will win us the World Cup," Kerr said on Thursday.
"We don't want to get involved in the USA's game. We want to play our way. Our style.
"In the past, we haven't done that as much.
"Hopefully we can trust each other and play our football and not get caught up in the way the USA play.
"We hope that we can win but the most important thing is continuing the journey to improve to get to the World Cup."
