Rain in Durban saw the contest reduced to seven overs per side, with South Africa posting a decent total of 1-80 from their innings.
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Quinton de Kock (41 not out) did most of the damage after a slow start, with Australia beginning their response in far less shackled circumstances.
With David Warner (40) ticking along nicely at the other end, Aaron Finch (5), Shane Watson (2), Glenn Maxwell (1) and George Bailey (2) all fell cheaply, but Hodge stayed cool in the final over, smashing sixes from consecutive deliveries to seal the triumph.
The tourists go 1-0 up in the three-game series after the opener in Port Elizabeth fell victim to the elements.
After a lengthy delay, play finally got under way at 20:30 local time and Hashim Amla (4) lasted only nine balls before he was caught and bowled by Nathan Coulter-Nile (1-17).
The Proteas had only six runs on the board after two overs, but De Kock upped the tempo by smashing Watson's first two deliveries for 10 runs in the third over, with Faf Du Plessis (27) smashing Dan Christian (0-18) around the park in the following over.
Coulter-Nile was given the treatment in the sixth, with the powerful De Kock dispatching his final delivery over long-on for another maximum as South Africa took 16 from the penultimate over.
Mitchell Starc (0-24) was given the unenviable task of seeing out the innings and the left-armer was smashed for back-to-back sixes by De Kock and also erratically conceded five wides as Australia were set a challenging target.
Warner set about putting Australia well on course for victory by hitting 16 off his first four balls as the opening over of the innings from Lonwabo Tsotsobe went for 21 runs.
The dangerous Finch was dismissed by Kyle Abbott (1-5) in the second over, but Warner was in the mood as Beuran Hendricks bowled his first over in international cricket, the debutant going for 18 to move Australia on to 1-44 from just three overs.
Wayne Parnell (1-18) gave South Africa hope as he accounted for Watson and Warner, and Maxwell followed in the next over from JP Duminy as Australia's challenge looked to be wilting, but that brought pinch-hitter Hodge to the crease.
Hodge hit his second ball for four and was partnered by fellow veteran Brad Haddin after Bailey was run out, with Australia needing 15 from the final over.
Parnell was the man given the task and a home win looked on after the left-armer restricted Australia to two singles.
However, Hodge was not done there, launching Parnell over the ropes twice before a wide brought the game to a slightly anti-climactic close.
The series will come to an end with the final T20 in Centurion on Friday.