The tourists looked ready to roll over completely at 6-118 on Thursday, their middle order hollowed out by spin, but Smith's flamboyant knock of 89 brought England back into the contest at 267 all out.
With 23 overs left before stumps Shoaib Bashir, Jack Leach and Gus Atkinson then all struck to leave Pakistan 3-73 and the game in the balance.
Pakistan's Saim Ayub making a brilliant effort to catch Jamie Smith - but in vain. (AP PHOTO)
Coming in at seven, wicketkeeper Smith cleared the boundary six times in a display of expertly controlled aggression, a standout effort that showed exactly why the likes of Jonny Bairstow and Ben Foakes were moved on in the summer.
Smith led a stand of 105 with Surrey teammate Gus Atkinson, who made 39, to repair some of the damage wrought in a morning session that saw four key batters fall for just 28 runs, but they needed their attack to stand up too.
Pakistan found plenty of turn from a pitch that their groundstaff had dried, baked and raked in the build-up to assist their spinners, with Sajid Khan and Noman Ali again combining to do the damage.
The pair shared all 20 wickets in Multan last time out - just the seventh duo in history to do so - and added another nine here.
The only one they did not manage was the key scalp of Smith, who over-reached against leg-spinner Zahid Mahmood just before tea with a century in touching distance.
England skipper Ben Stokes was visibly delighted to bat first after ending England's seven-match losing streak at the toss.
Zak Crawley and Ben Duckett posted 56 in 14 overs but Crawley's dismissal tipped the balance in Pakistan's favour, with Ollie Pope and Joe Root then picked apart by Sajid.
Pope was lbw for three on the sweep but the loss of Root in single figures felt more significant.
England's most accomplished player was beaten by one that ripped back in aggressively off the ridges outside off and nestled for a split-second between his pads.
Duckett nudged his way to a useful 52 and was blameless as Noman's shin-high shooter struck him clean in front.
Harry Brook stepped out to sweep Sajid, the ball diverting into his leg stump, with England slumping to 5-98.
Attempting to smother Sajid's spin at the start of the afternoon session, Stokes was beaten on the outside edge and taken at slip.
England's Jamie Smith produced a sterling effort of 89 in their fightback. (AP PHOTO)
Smith and Atkinson carefully stopped the rot with calm defence but the pace soon picked up. Smith's first four sixes all came against Sajid, lining up the off-spinner and launching him over midwicket or back down the ground.
Smith departed 11 short of a richly-deserved century, swiping a top-edge straight up to give Zahid a moment of respite.
Sajid finished off the tail to finish with 6-128.
Bashir squashed a bright start by the openers when he had Abdullah Shafique lbw in the 10th over and Saim Ayub gave it away badly when he lobbed Leach to short midwicket.
Atkinson belatedly landed a blow for the seamers' union, knocking back Kamran Ghulam's off-stump with one that nipped in and kept low.
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