Labuschagne will resume on 56 on Wednesday with his side 5-129 and holding a second innings lead of 41 over the Blues at Allan Border Field.
The right-hander will be looking to set NSW a challenging target alongside Jimmy Peirson who faced just five balls in the shadows of day two.
Labuschagne shared an 86-run stand with skipper Usman Khawaja who scored his second half century of the match before being dismissed by fellow likely Ashes squad member Nathan Lyon for 51.
The pair came together with QLD on the ropes at 2-5 after openers Matt Renshaw and Joe Burns fell early, the latter to an almost unplayable first ball yorker from Doug Bollinger.
Earlier the Bulls bowlers and fielders did well to restrict the NSW tail from wagging, with two late run outs preventing Daniel Hughes from reaching a century after he was left stranded on 98 not out following Bollinger's dismissal.