The clash went to spot kicks following a 1-1 draw, with the Magpies pegged back after breaking the deadlock.
Steven Taylor, making his first appearance since December due to injury, opened the scoring in the 25th minute with a deflected strike after the Greek champions had failed to clear their lines.
Newcastle's hopes of victory increased when Francois Modeste was dismissed for a second bookable offence in the 74th minute but Olympiakos claimed an equaliser five minutes later when Kostas Mitroglou fired home from Djamel Abdoun's cut back from the left.
The friendly then went to penalties, but even then the teams could not be separated after five penalties each, with Papiss Cisse missing for the Premier League outfit by blazing over the bar while Newcastle goalkeeper Tim Krul saved Andeas Tatos' effort in a 4-4 stalemate.
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