The former All-Area honoree and two-time Rio Hondo League individual champion finished with a two-under-par 70 on Sunday and closed with a four-round total aggregate of 12-under 276 to tie with Rafael Cabrera-Bello of Spain and Danny Willett of England.
Five Masters champions played in the event, which was won by Oosthuizen by three strokes with a 17-under over Scotland's Stephen Gallacher.
Lipsky, who earned his professional card out of Asian Tour Qualifying School in January before capturing the Handa Faldo Classic Cambodia last month and taking second in the Handa Classic in Singapore last week, said he's progressed during the past three months.
"It's been great. I have been pretty consistent off the tee and my putter has been cooperative as well," Lipsky told thestaronline.com. "I'm really happy with my game. I'm proud with how I handled myself, especially with the crowds as I have never been in an event like this.
"I can't believe where I'm at right now. I'm so happy. You can't be upset with a third-place finish. I stayed close. But I wasn't hitting it close enough to give myself opportunities to win and beat Louis [Oosthuizen].
Lipsky will next participate in the Indonesian Masters, which will begin Thursday in Jakarta.
"Hopefully, you guys will give me a pairing with Lee Westwood [the top draw for the Indonesian Masters]," Lipsky said.