Tipsarevic, ranked 49th and having never reached a singles final, played the match of his life and gave Federer everything he could handle with the packed crowd screaming on every point.
Federer, who is seeking his third straight title here and 13th Grand Slam crown, needed every one of his personal-best 39 aces to fend off the third-round challenge from the 2001 boys champion at Melbourne Park in 4 hours and 27 minutes.
"I don't often get to play five-setters unless they're against Nadal at Wimbledon," Federer said of rivalry with longtime No. 2-ranked Rafael Nadal. "It was good to be part of something like this."
He beat Nadal in five sets in the Wimbledon final last year and in four sets at Wimbledon
'06.
Federer has reached the finals of the past 10 Grand Slam events, winning eight of them and losing two to Nadal
- both at the French Open.
Federer was untouchable in his first two matches, dropping only six games in six sets. He had numerous chances to take control, but Tipsarevic saved 16 of 20 break points against him until Federer finally cashed No. 21 after rallying from 40-0 as the Serbian served at 8-8 in the fifth set.
James Blake, seeded 12th, came back from down two sets, then from a double break in the fourth before beating veteran Frenchman Sebastien Grosjean 4-6, 2-6, 6-0, 7-6 (5), 6-2 to keep American hopes alive with Sam Querrey falling to No. 3 Novak Djokovic 6-3, 6-1, 6-3.
Fernando Gonzalez, who lost the final here last year to Federer, was ousted 6-2, 6-7 (4), 6-3, 6-1 by Croatia's Marin Cilic, who had never gone past the first round in three previous majors. Cilic faces Blake next.
Two of Russia's Top 10 women also were ousted.
No. 2 Svetlana Kuznetsova was beaten 6-3, 6-4 by 18-year-old Agnieszka Radwanska of Poland and No. 6 Anna Chakvetadze lost 6-7 (6), 6-1, 6-2 to No. 27 Maria Kirilenko.
Fourth-seeded Ana Ivanovic reached the fourth round with a 6-3, 6-4 victory over No. 28 Katarina Srebotnik, while No. 8 Venus Williams was facing No. 31 Sonia Mirza in a night match.
While a few Serbian flags were scattered about Rod Laver Arena - the roof was closed due to rain that postponed matches on outside courts
- Federer fans dominated, including one holding a sign reading "Federer Express."
The Swiss star was nearly derailed before extending his winning streak at Melbourne Park to 17 matches, a streak tied for fourth-best behind Andre Agassi's record of 26 in a row.
Federer, who last lost a set here while beating Marcos Baghdatis in the final two years ago, started in top form again, ripping seven aces in his first four service games.
But the Serbian, looking like a grad student in his dark-rimmed glasses and short beard, forced a tiebreaker, where the only point that went against serve came with Federer facing set point at 5-6. Tipsarevic ripped a forehand crosscourt pass that dropped just inside the corner.