Melbourne upped the ante considerably in the final term, booting the opening four goals to hit the front by eight points.
Pedersen, Frawley, Kent (who had three bounces and kicked an amazing goal) and Watts all kicked truly.
But when Zaharakis booted two in a row in time-on, the Dons were back in front. Yet when Christian Salem marked and converted at the 29-minute mark, the Demons were home by the narrowest of margins in a memorable victory.
Three quarter-time: Ess 8.12 (60) to Melb 7.6 (48)
The Bombers broke away to a 33-point lead three minutes into the third term, after Brendon Goddard opened the second half and David Zaharakis followed up with his second.
But the tide soon started to turn Melbourne’s way after Dean Kent snapped a beauty and his side’s first for the term at the 10-minute mark.
By the final break, Melbourne trailed by just 12 points, after it kicked four of the last five goals for the quarter, with Pedersen, Jack Grimes and Bernie Vince all adding majors.
Second quarter: Ess 512 (42) to Melb 3.3 (21)
The Demons started much better in the second term, booting three of the first four goals, to trial by just three points after James Frawley kicked truly at the 14-minute mark.
But when Essendon kicked two in two minutes via Zach Merett and Paul Chapman late in the quarter, the Dons led by 21 points at half-time.
Nathan Jones and Jack Watts were Melbourne’s other goalkickers for the term.
First quarter: Ess 2.4 (16) to Melb 0.3 (3)
The Bombers dominated the term – Melbourne didn’t enter its forward 50 until the 14-minute mark – although it was a low-scoring opening.
Patrick Ambrose and David Zaharakis kicked the only two goals for the quarter, from Essendon’s six scoring shots to three.
The Demons went goalless for the term with Aidan Riley, Cam Pedersen and James Frawley all missing set shots, as they trailed by 13 points at quarter-time.
