The world No 71 took the opening set in a tie break before Makarova, the tournament second seed, bounced back to force the match into a deciding third set.
Erakovic then took control of the match in the third set to win 7-6, 3-6, 6-0 to reach the third round for the third straight year at the $US220,000 pre-Wimbledon event.
The New Zealander will face 2010 French Open champion Francesca Schiavone for a spot in the quarter-finals.
Erakovic yesterday advanced to the doubles quarter-finals with partner Cara Black following a straight sets victory over Lisa Raymond and Laura Robson.
They will face second seeds Liezel Huber and Chan Hao-ching in the next round tonight.