Mhlengi Cele opened the scoring for Chippa in the 53rd minute before a stunning free-kick from Maluleke levelled matters to see the two teams share the spoils at Nelson Mandela Bay Stadium.
The draw sees Polokwane in ninth place on the table with 26 points from 21 games while Chippa are in 11th place with 24 points from the same number of games.
The first half saw both sides playing attacking football, but their finishing in front of goal was poor.
Chippa’s first attempt on goal came in the 11th minute when James Okwuosa met a good cross into the box, but saw his header go inches wide of the goal.
Polokwane tried their luck from distance in the 22nd minute, but Maxwell Molala fired narrowly over the crossbar.
The best chance of the half fell to the home side in the 39th minute when some swift play saw William Twala in space just inside the box, but his shot was superbly saved by Modiri Marumo.
The second half saw Chippa start positively and they took the lead eight minutes after the restart.
Some swift play by George Akpabio saw him play the ball to Cele in space 16-yards out and he fired into the corner of the net, 1-0.
Polokwane took charge of the game after that, but struggled to find their way past a stubborn Chippa defence.
Still, the away side persisted and found a late equaliser via a superb 24-yard free-kick strike from Maluleke.