The win kept Jeonbuk, who had won only one of their previous six games, seven points clear at the top, with Suwon staying in hot pursuit after a 3-1 win over free-falling Ulsan.
The 36-year-old Lee, who started his professional career at Pohang in 1998, opened the scoring in the 32nd minute at Jeonju World Cup stadium but Busan equalised five minutes before the break through Choi Kwang-hee.
With the game heading for a draw, the home side were awarded a penalty with just two minutes left. Lee made no mistake from the spot, stepping up to score his career 173rd league goal.
Lee and his manager engaged in some mutual admiration after the game.
"Strikers tend to get stressed out when they turn 30 but that's not the case for Lee," Choi told local media.
"It seems he has inherited only good things from his parents. He's been at his best since 2009, and he's really an amazing player."
Lee, who had spells in England and Germany without much success, gave credit to his coach for rejuvenating his career.
"Coach Choi has brought me happiness, he's like my saviour," he said.
In Suwon, North Korea striker Jong Tae-se scored twice to give the Bluewings a 3-1 win over Ulsan, who, after a strong start under new coach Yoon Jung-hwan, have now won just once in 15 games.
Park Chu-young was on the scoresheet as FC Seoul beat Jeju 4-2, while at the bottom, Daejeon suffered their 13th defeat in 19 games, going down 3-1 at Seongnam.
(Reporting by Oh Seung-yun; Writing by Peter Rutherford; Editing by Ian Ransom)
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