The American duo sit on 10-under after three rounds of the Melbourne event and trail the Danish pair of Soren Kjeldsen and Thorbjorn Oleson by four strokes at Kingston Heath Golf Club.
The US Ryder Cup colleagues combined for a three-under-par round of 69 on Saturday and clawed one stroke back on the Danes, who signed for a 70 Down Under.
Fowler has not given up hope of overhauling the leaders but is aware that they will have to shoot a low number to lift the trophy on Sunday.
"It would be nice to be out front or a little closer," he said. "But with where we were coming into today, just putting up a solid round of golf was that we wanted to do.
"We did that and we gave ourselves a chance going into tomorrow. It's going to take some good golf and some birdies obviously, but it will be nice being in that final group to know exactly where we stand."