The TNT star was blistering hot in the first half as 26 of his 48 points came in the first two quarters, where members of the national team shot 60-percent from the field.
With Romeo leading the way, the Smart All-Stars led by as much as 20 numerous times in the third period.
Luzon mounted numerous runs late in the game and even cut the deficit to as low as four, 148-138 after back-to-back triples from Arwind Santos in the last 1:22.
But June Mar Fajardo scored five straight points to quash that run and give his side a 152-144 before Luzon tried one last uprising.
LA Tenorio, though, would muff the potential game-tying triple in the waning seconds as the Smart All-Stars have now leveled the series to one game apiece.
The third leg, which is presented by Phoenix Fuel with Phoenix Pulse Technology, is slated in Ilo-ilo on Sunday.
Romeo, who was adjudged as the All-Star Game MVP, went 7-of-16 from threes, to go with nine assists and five rebounds.