Burnley had appeared to have settled the game when Wales international Sam Vokes gave the Clarets the lead for the third time in the game with an 86th minute goal - only for Macheda to notch his second goal of a thrilling encounter.
A cross from Tyler Blackett was flicked on by Lee Novak for Macheda to chest the ball into the net.
Dean Marney and Michael Duff were earlier on the mark for Burnley only for a dogged Birmingham to hit back three times to earn a valuable point with Macheda and Emyr Huws scoring their first two goals.
The result sees the Clarets increase their unbeaten run to seven games to consolidate second spot in the Championship table, while despite the fighting performance, Birmingham's run without a home win was extended to an embarrassing 13 successive games.
A Jordi Gomez spot-kick with three minutes remaining extended FA Cup semi-finalists Wigan's winning run to seven matches in a tale of two penalties in a 1-0 home victory over Sheffield Wednesday.
The visitors gave as good as they got for long periods against a lacklustre Latics outfit, and they only had themselves to blame for not going into the break a goal to the good after Leon Best had a penalty of his own saved by Ali Al Habsi.
The home side picked up their game after the interval, but it looked like they would have to settle for a point until Caolan Lavery tripped James Perch inside the box with 87 minutes on the clock.
And Gomez scored his second penalty in the space of three days - having also struck in the FA Cup victory over Manchester City - to lift Latics to seventh place, with still two games in hand.
Blackburn's quest to bounce back from their historic defeat to Burnley on Sunday failed to materialise as Lewis Grabban's 15th goal of the season was enough to hand Bournemouth a 1-0 win - their third straight victory.
Rovers' hopes of reaching the Championship play-offs this season appear to be diminishing by the game after Grabban's 67th-minute strike consigned them to a third March loss on the spin.
This was a crucial fixture for Gary Bowyer's men after their East Lancashire neighbours won at Ewood Park three days ago, their first success in the derby for 35 years.
Bowyer had spoken of the need to avenge that defeat quickly yet instead their frustration now goes on, with the loss made all the more galling given former Clarets boss Eddie Howe is in charge of the Cherries.
Charlton missed the chance to climb off the foot of the Championship but still put in an encouraging display under new boss Jose Riga in a goalless draw with Huddersfield.
- Sports & Recreation
- Jordi Gomez
- Michael Duff