The two Manchester clubs were meeting in the traditional curtain raiser for the first time since 2012, with City having lifted the Premier League last season and United the FA Cup.
It was, of course, a repeat of last season's FA Cup final and just like the May showdown, it was United who enjoyed the majority of the chances.
Erik ten Hag's side had even taken the lead midway through the second half via a stylish Alejandro Garnacho strike, but the celebrations would be cut short just before the full-time whistle when City hit back.
Arriving late at the back post, Bernardo Silva was on hand to head home Oscar Bobb's chipped cross to level the score.
With no added time on the agenda, the clash went straight to penalties, with City running out sudden death winners.
Jonny Evans missed the decisive penalty for United, but earlier in the shootout Jadon Sancho failed to convert from the spot.
It no doubt brought back haunting memories for Sancho, whose last penalty under the Wembley arch came during England's Euro 2020 final against Italy. That was also penalty he missed.
Recognising history had repeated itself, Fernandes, donning the captain's armband, was first over to the English winger.
City won the Community Shield on penalties. (Image: Getty)
Reacting to Sancho's penalty miss, Ten Hag told ITV: "He's a very good penalty taker. Today he missed and that is part of the game."
While on United's performance as a whole, the Dutchman added: "We managed to be on an equal level with City. [Marcus] Rashford was high up the pitch and defending, we got pressure on the ball.
"Also in possession, we were overloading situations in midfield. We had some very good spells and created chances from this. So yeah, many positives we can take."
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Ten Hag is unlikely to lose much sleep over the Wembley result, given the important business begins next weekend in the Premier League.
And ahead of the Premier League's return Ten Hag has been handed a transfer boost, with two new arrivals set to pen deals at Old Trafford.
United have reportedly agreed deals for both Matthijs de Ligt and Noussair Mazraoui, with the Bayern Munich duo costing a combined £60million.
The Red Devils kick their Premier League campaign off on Friday night at home to Fulham, before a trip to Brighton & Hove Albion for their first away game of the season.
