The club's football director Cesar Sampaio said a meeting would take place on Thursday to discuss the future of former Brazil, Portugal and Chelsea coach Scolari, who won the 2002 World Cup with his country.
"We're all very sad and worried about the situation," Sampaio told reporters after the game.
Scolari, usually known as Felipao (Big Phil) said he had not contemplated losing his job.
"The idea of quitting has not crossed my mind," he said. "We have to sit down, chew it over and see what we can do differently."
Luan headed in Tiago's cross to give Palmeiras the lead in 23rd minute, only for Carlos Tenorio to pull Vasco level with a close-range effort six minutes later.
The first-half ended with jeers from a sparse Vasco crowd who also protested against club president Roberto Dinamite.
Vasco, under interim coach Gaucho after Cristovao Borges was sacked earlier this week, went ahead six minutes after the break with a Nilson header.
Former Olympique Lyon and Brazil midfielder Juninho Permanbucano added the third.
Palmeiras dropped to 19th in the 20-team table with 20 points from 24 games, seven behind 16th-place Flamengo. The bottom four go down.
Neymar, who scored a hat-trick in Brazil's 8-0 friendly win over China on Monday, scored an early goal as Santos beat Flamengo 2-0.
