Liverpool pair Luis Suarez and Dirk Kuyt traded late goals as Uruguay and Holland drew 1-1 in Montevideo on Wednesday night before the hosts triumphed 4-3 in a penalty shoot-out.
Suarez, a £22.8million January signing for the Reds from Ajax, seemed to have given Uruguay victory when he scored with eight minutes remaining.
But Kuyt's injury-time header levelled matters for the World Cup finalists in a game which was a repeat of the semi-final in South Africa, which Holland won 3-2.
His club-mate could still claim the bragging rights tonight, though, as the South Americans prevailed 4-3 in the shoot-out to win the Fraternity Trophy.
Holland were the brighter side in the opening quarter-hour, but had little to show for their efforts. Ibrahim Afellay curled a free-kick wide and then set up Kuyt, whose shot was held by keeper Fernando Muslera.
Suarez set up strike partner Edinson Cavani for Uruguay's first chance, but the Napoli man's header was blocked by defender Erik Pieters.
Diego Lugano shot over for Uruguay before Diego Perez tried his luck with an audacious free-kick from inside his own half, which was held by Holland goalkeeper Tim Krul.
Robin van Persie shot over and Afellay's effort was blocked by Muslera as Holland pressed in the closing stages of the first half.
The second period began uneventfully, with Krul claiming Diego Forlan's inswinging free-kick from the left in a rare moment of goalmouth action.
Afellay shot over and Krul caught Suarez's header before the latter finally broke the deadlock. Cavani squared the ball from the left of the penalty area and Suarez slotted home from 12 yards.
Godin went close to a second when he headed Nicolas Lodeiro's corner over the bar but there was a sting in the tail for Uruguay.
Holland forced a corner as the match ticked beyond the 90-minute mark and Stijn Schaars' delivery was nodded in by Kuyt for the equaliser.
That set up a shoot-out, with Van Persie and Eljero Elia, a very late substitute for Kuyt, off target for Holland to give Uruguay victory despite Krul saving from Lodeiro.
