Hulkenberg was one of several cars to stay out under an early safety car in the Saudi Arabian Grand Prix, a strategy which backfired for McLaren's Lando Norris and Mercedes driver Lewis Hamilton as a necessary second safety car never materialised.
Hulkenberg also needed to make a green flag pitstop, which would have normally dropped him out of points contention.
But behind him, Haas colleague Magnussen crucially passed the RB of Yuki Tsunoda to create a buffer between Hulkenberg and the chasing pack.
Magnussen then lowered his pace to allow the German to pull a large enough gap to pit into without losing 10th.
The plan worked to perfection, with Hulkenberg emerging from the pits two seconds ahead of the Dane and his frustrated chasers.
The point was described as "gold dust" by team principal Ayao Komatsu as Haas and its immediate rivals are lagging behind 2024's top five teams.
Hulkenberg said he was grateful for Magnussen being a team player and vowed to return the favour at the next opportunity.
"One point, I'm obviously happy about that," Hulkenberg said. "Great team effort, great team game by Kevin.
"I was told that he really helped my case by holding up the pack behind him, which obviously helped open up the window for me to take the point.
"A very good job from him on that side. And thank you, I'll return the favour later in the season."
Hulkenberg said he was unaware at the time that Magnussen was helping him, and was surprised at the gap he was able to open up to the cars behind.
"No, no, I didn't [know]. I was told that the gap opened up, but I wasn't aware why. I just thought: 'I am so good that I fly away from the pack!'," he laughed.
"For the most part I was by myself, just driving, pushing. There was no tyre saving going on, it was flat out, so quite physical. But I enjoyed it."
On his path to 10th, Hulkenberg briefly locked horns with impressive Ferrari debutant Oliver Bearman, who eventually passed the Haas driver on his way to seventh place.
"I think he did good. Already from FP3 he was pretty on it, attacking," said Hulkenberg of the 18-year-old.
"I was trying to hold him off for a few laps and then once he overtook me too early there and I overtook him back, so just trying to get him to use his tyre a little bit.
"But that wasn't enough, they have too much of a car advantage."
