Hawthorn coach Sam Mitchell can't quite pin how to feel after the wasteful Hawks pinched a draw after the siren in an extraordinary thriller against Collingwood

Collingwood's remarkable efficiency proved the difference until the final moments on Thursday night.

With Craig McRae's Collingwood up by six points, skipper Darcy Moore dropped a mark, then gave away a free kick on Dylan Moore and the Hawk kicked truly after the siren to snatch a 15.3 (93) to 13.15 (93) draw in front of 76,632 at the MCG.

Hawthorn will feel they let one get away after dominating inside-50s 62-34 and clearances 39-23, but going seven games unbeaten still moves them two points clear of Sydney and Fremantle at the top of the ladder.

"I don't know how to give a name to the emotion," Mitchell said.

"Certainly odd. There's a part of me that thinks you look at the numbers and you're like, 'how do we only come away with two points?' and then with two minutes to go, I say, 'how did we get two points?'

"So I'm unsure how to feel. To me, that's one of the great beauties of sport."

Mitchell believed Hawthorn would have won with extra-time, then added: "But having a different emotion that you don't normally get, I guess, adds to the beauty of sport."

McRae wouldn't buy into Moore's mistakes, but noted Collingwood had to "get better at those little moments".

"When you're in front by a goal with 40 seconds to go, you think you hang onto those. Yeah, we've got some work to do on those late-quarter decision making and things like that.

"But fundamentally, I said to the boys, 'yeah, we didn't win tonight, but we definitely didn't lose, and it's important to acknowledge that'.

"We played some really good footy against what are arguably the best team in the competition."

The Magpies kicked a goal from 44 per cent of their inside 50s, compared to the Hawks' 21 per cent.

Collingwood were without injured Beau McCreery and Tim Membrey and managed veterans Scott Pendlebury and Jeremy Howe.

They lost Harry Perryman to a second-quarter hamstring injury quarter, while Darcy Cameron battled through an ankle issue and Nick Daicos had treatment on his hip.

Dan Houston (32 disposals) was superb along with Brayden Maynard (23 disposals) while on return from injury, Darcy Moore kept Jack Gunston goalless.

Jamie Elliott kicked three goals, Jordan De Goey (two goals) was dynamic and Nick Daicos (34 disposals) was prolific.

Hawthorn co-captain Jai Newcombe (28 disposals), Nick Watson (two goals) and Connor Macdonald (28 disposals, three goals) were influential and Karl Amon (30 disposals) and Jarman Impey (27 disposals) were busy.

The Hawks squandered chance after chance in the opening term, while Collingwood were ruthless and jagged five goals.

Maynard let fly at the start of the second term to deliver a game-high 23-point lead.

Jack Ginnivan gave Hawthorn a foothold with a terrific long-range set shot and they cut the halftime deficit to five points.

Macdonald snapped a terrific goal to put Hawthorn in front for the first time - and they led by two at three-quarter time.

Steele Sidebottom nudged the Magpies out to a late seven-point lead after Cam Mackenzie was contentiously penalised 50 metres for infringing on the 'stand' rule.

But Hawthorn kept pressing and Massimo D'Ambrosio snapped a point before the Moore-on-Moore drama unfolded.

"Moorey gets his opportunity, and we take it, and we hadn't taken enough of them across the night," Mitchell said.

Hawthorn travel to face Fremantle next Thursday, when they hope James Sicily (ankle) will be fit while Collingwood face Geelong next Saturday.