Mauricio Pellegrino's men looked as though they had thrown the game away when West Ham levelled on 74 minutes through Hernandez's well-taken poach at the back post.
But when Pablo Zabeleta was adjudged to have fouled Maya Yoshida in added time, Saints were handed a lifeline, which Austin gladly took, converting the resulting penalty kick.
Manolo Gabbiadini opened the scoring on 11 minutes before Marko Arnautovic was sent off on 33 minutes, giving Saints a man advantage.
Dusan Tadic then doubled the hosts lead from the spot after Jose Fonte fouled Steven Davis on 38 minutes.
Hernandez then levelled with his first poachers finish, as Fraser Forster parried Michail Antonio's effort in to his path.
Photographer Paul Watts was at St Mary's Stadium to capture the high and low points of the action - so be sure to scroll through the pictures above.
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