PNE started with a strong eleven with first teamers Wayne Brown, Mayor, Barton, Carter and Tracey starting.
But it was the visitors who took the lead when Stanley captain Peter Murphy scored from the penalty spot on 24 minutes after the referee Karl Evans had adjudged Bailey Wright had handled in the box.
The lead only lasted five minutes when Darren Carter equalised with a strong shot.
Stanley took the lead again just before the hour mark with Rory Boulding to make it 2-1. The lead lasted until the 88th minute when Jamie Douglas scored with a header from a Keith Tracey cross.
The shoot-out saw Sam Hart, Danny Mayor, Paul Coutts, George Miller and Jamie Douglas convert their penalties whilst for Stanley Lindfield and Richardson missed theirs.
The 5-4 scoreline gave PNE reserves passage to the Lancashire Senior Cup Semi Final.
Other Quarter Final Matches/Results:
10/01/11 - Blackburn 2-1 Morecambe
19/01/11 - Man.City 0-1 Liverpool
07/02/11 - Man.Utd. v Oldham