FULL TIME: Peterborough United 2, Burnley 2
The striker smashed the ball home from close range in the 86th minute following great work from midfielder Chris McCann - his first goal since the 2-0 victory over Wolves at Turf Moor in November.
The 23-year-old, who aggrevated a hamstring strain in the home defeat to Leicester City last month, missing five fixtures as a consequence, wasted no time in getting back on the goal trail, stretching to lift Ross
Wallace's inswinging cross in to the roof of the net - his 24th of the campaign.
Aside from that, the Championship clash lacked any real goalmouth action in the first 45 minutes with both defences, though desperate at times, soaking up pressure from the flanks. Defender Michael Bostwick headed over for the hosts from Grant McCann's corner, Bobby Olejnik stooped low to claim Danny Ings' low drive from the angle of the box and Lee Grant was equal to George Boyd's speculative half-volley in the opening 20 minutes.
Austin almost doubled the lead when Dean Marney's attempt ricocheted off his team-mate's shin, sending Olejnik off-balance and the wrong way though the ball bent around the post.
Referee Andy D'Urso waved away penalty appeals just before the half hour when Dwight Gayle was forced to ground by Michael Duff, but the match official ignored the cries within the stadium and instead awarded a corner.
However, a lacklustre 25-minute period after the interval cost the Clarets dearly as Posh skipper Tommy Rowe grabbed a double to overturn the away side's lead.
Darren Ferguson's men started the half brightly and Lee Tomlin went close to grabbing a leveller when floating a delicate right-footed effort agonisingly wide of the post from the edge of the box. Gayle's shot on the turn was then well saved by an alert Grant after the Posh striker linked up well with George Boyd.
A series of changes then saw the momentum continue in the home side's favour - with Nathaniel Mendez-Laing and Alex Pritchard replacing Joe Newell and Nathaniel Knight-Percival respectively.
The pair added pace and urgency to the game, putting the Clarets on the back foot, and it wasn't long before their persistence reaped the rewards.
Stanislas curled an effort across Olijnek that whistled past the far post after cutting back past Mark Little on the edge of the box before Ings coasted past Michael Bostwick only to be denied by the Posh keeper.
Grant then sprawled to his left to save Grant's free-kick but he could do nothing to prevent Rowe from equalising when McCann's corner forced a melee in the box and the London Road captain turned the ball past Grant from close range.
Four minutes later and the home side were ahead when Rowe's drive from midfield was finished with a thumping effort past Grant after swapping passes with Gayle on the edge of the box.
The next 20 minutes proved a major test of Burnley's character, and they passed that test. After losing a lead many teams may have collapsed and surrendered, but Dyche urged his men forward from the sidelines and their spirit and tenacity forged a route back in to the game.
Olejnik palmed Marney's effort to safety as Ings lurked inside the box and, after Paterson replaced Austin, Grant denied Pritchard who skipped past Kieran Trippier before unleashing a right-footed drive.
But with four minutes of normal time remaining, McCann's desire down the left saw the midfielder beat Little and Gabriel Zakuani at the by-line before firing across the face of goal for Paterson to hammer in to an empty net.
And the substitute almost snathced the points in the final seconds, but his glancing header from Stanislas's set-piece produced a fantastic, reflex save from Olejnik.