Wednesday and Newcastle are set to go head to head this summer at Hillsborough in a pre-season warm-up fixture.
The last time these two sides met in a friendly was ahead of the 2003/04 campaign.
And in front of 15,000 fans, the Owls and the Magpies served up a cracker with Wednesday finishing on top by the odd goal in seven.
Newcastle had stormed into a 3-1 lead but goals from Dean Smith, Craig Armstrong and Shefki Kuqi turned a thrilling match in the Owls' favour.
The crowd barely had time to take their seats before Wednesday had taken a second-minute lead through Lloyd Owusu from Richard Evans’ centre.
The Magpies levelled on 20 minutes as Kieran Dyer slotted coolly home and the Owls fell behind a minute after the restart when Ola Tidman saved from Dyer, only for Shola Ameobi to lash home the rebound.
Lomana Trésor LuaLua rattled the right hand post from long range as the visitors stepped up the pace and their efforts were rewarded on 65 minutes as the same man curled a superb 22 yard free kick into the far corner.
But within three minutes Wednesday conjured up a response. Terry Cooke's accurate corner from the left was met by Smith who crashed home his header, before two goals in three minutes put the Owls ahead.
Armstrong got the ball rolling on 77 minutes by squeezing home from eight yards after Kuqi had a header blocked. And Wednesday regained their early lead thanks to a stunning flick and angled half volley from Kuqi, 15 yards out.
Bobby Robson's men were inches from a quickfire leveller as Carl Cort rattled the post but the Owls held on for a memorable win.
Wednesday: Tidman (Pressman 52); Geary, Lee, D Smith (Capt), Barry-Murphy; Cooke, Quinn (McLaren 62), Mustoe (Armstrong 45), Evans; Holt, Owusu (Kuqi 60)
Newcastle: Harper; Hughes, O'Brien, Bramble, Elliott; Dyer, Bowyer, Viana, Lua Lua; Cort, Ameobi