Opting to bat first, Renshaw smashed 18 boundaries in his unbeaten knock of 167 besides sharing a massive 151-run partnership with Warner (113 off 95 balls) for opening wicket to help Australia pass a 300-run mark.
The hosts will now aim to continue their dominant display against the Misbah-ul-Haq-led side when Renshaw and Peter Handscomb (unbeaten at 40) will resume their innings on Wednesday.
For Pakistan, Wahab Riaz scalped two wickets while Yasir Shah also chipped in with a wicket.
Australia, however, have already clinched the series 2-0 following their massive win by an innings and 18 runs in the second Test at the Melbourne Cricket Ground (MCG).