At stumps on day three, the Bulls were 5-102 chasing 150 for victory with Labuschagne not out 33.
He has shared an unbeaten 48 run stand with 'keeper Jimmy Peirson (22 not out) after the Redbacks ripped through the hosts' top order.
Queensland appeared to be cruising to victory when ex-Test openers Matt Renshaw (24) and Joe Burns (22) romped to 0-47 in 12 overs.
Then all hell broke loose.
Remarkably five wickets fell in 14 balls in the final session to leave the Bulls reeling at 5-54 as Nick Winter (3-23) and debutant Wes Agar (2-41) ran amok.
But Labuschagne helped steady the ship in his 48 ball knock that featured three boundaries, no doubt impressing national selectors before next month's Test series against Pakistan.
Not so lucky was Bulls skipper Usman Khawaja who fell for a golden duck - following a first innings knock of just two - during the stunning Queensland collapse.
Earlier, Australian vice-captain Travis Head also failed again before South Australia's tail wagged to set Queensland a victory target of 150.
Late hitting from ex-Test seamer Chadd Sayers avoided disaster for the visitors, lifting the Redbacks to a second innings total of 192 on Sunday.
After a first innings duck, Head did not further his chances of a Test recall against Pakistan when he was caught driving for just 12 off 28 balls.
After South Australia resumed following lunch at 2-60, Head fell as the Redbacks lost 3-16 to be reduced to 5-81.
Yet somehow it got worse for the visitors.
Bulls quick Cameron Gannon (3-41) at one stage took two scalps in five balls as South Australia lost 4-21 to be reeling at 9-131.
However a free-wheeling 42 from 32 balls from Sayers - including eight fours - helped the visitors to at least post a competitive target.
Sayers fell shy of only his second first class half century, ending a 61-run final wicket stand with Wes Agar (20 not out).
Debutant Bulls quick Xavier Bartlett impressed with 3-33, at one stage taking two wickets in three balls including Jake Lehmann for a duck.
The Redbacks had mopped up the tail to dismiss Queensland for 264 in their first innings.
Resuming on day three at 7-242, Queensland lost Bryce Street for 53 after the debutant failed to add to his overnight score while Cameron Gannon went for a duck.