West Indies 235 (Chanderpaul 119) and 35 for 0 need 274 more runs to beat Prime Minister's XI 322 and 221 for 4 (Renshaw 101*t, Handscomb 75)
Captain Josh Inglis declared the Prime Minister's XI's second innings at 221 for 4, four balls after Renshaw reached his ton, with the Queenslander scoring 101 not out off 218 balls.
West Indies were set 309 for victory and were 35 for 0 at stumps after 16 overs, with Kraigg Brathwaite on 19 and Tagenarine Chanderpaul 15, requiring another 274 on the final day.
Renshaw, who has been restored to the top of the Queensland order this season after some time in the middle order, notched the 17th first-class century of his career and his second of the season, following an unbeaten 200 against New South Wales.
Renshaw, who top-scored with 81 in the first innings, struggled for touch early on and notched just one four off his first 88 balls. Watched by Australian Prime Minister Anthony Albanese, he played with more fluency as the innings progressed, finishing with nine boundaries.
Handscomb, who scored 55 in the first innings, was bowled five minutes before the dinner break by spinner Brathwaite. He did give a couple of chances, on 41 and 54.
The PM's XI accumulated runs steadily off 70 overs after quickly finishing off the West Indies' first innings for an 87-run lead.
Resuming at 234 for 7, the tourists added just one run from a no ball before their innings ended in the second over of the day.
Paceman Mark Steketee (3-33) trapped Joseph lbw and two balls later had Jayden Seales well caught at second slip by Handscomb. With Raymon Reifer unable to bat, West Indies ended on 235 for 9.
By the time the PM's XI had their lead reach 100 they had already lost two wickets. Marcus Harris edged a Seales delivery into his stumps and Henry Hunt was caught behind slashing at a Joseph delivery.
Joseph and Seales were the most impressive bowlers, while spearhead Kemar Roach conceded just 10 off nine overs.