UNC (12-5-3) advanced to the NCAA Championship quarterfinals by claiming a 4-2 edge in penalty kicks.
Baylor was the last remaining Big 12 squad in the 64-team tournament and was vying to become the league's first-ever representative in the NCAA College Cup.
The Bears, who set the program record for wins in a season, wrapped up the 2012 campaign with a 19-1-5 mark. With the tie, Baylor upped its unbeaten streak to 21 matches, but had an eight-match win streak snapped by the Tar Heels.
Baylor's Lisa Sliwinski tallied her 10th goal of the season with just 35 seconds remaining in the first half. Throughout the rest of the first half, BU managed just two other shots, while holding the Tar Heels to only one shot in the period. UNC got the equalizer with just 8:21 left in the game.
In the penalty shootout North Carolina's first shooter, Maria Lubrano netted her opportunity and Baylor's Michelle Hagen knotted the score through one kick. Alyssa Rich converted UNC's second shot and BU's Larissa Campos followed with a conversion. On the third round of kicks, Tar Heel Kelly McFarlane kept UNC perfect, but Bri Campos pushed her shot wide right to put BU down, 3-2.
North Carolina's Katie Bowen extended the penalty kick lead to 4-2 and needing to make the kick to extend the match, Karlee Summey's kick went just wide left.
Baylor is now 3-4-0 all-time in NCAA Championship play. The Big 12 has advanced at least two teams to the second round of the NCAA
Championship and at least one squad to the third round in 15 of the league's 17 seasons.