Bader, who entered the game two behind Redick, missed his first 3-point attempt but made his next four. He broke the record with a shot from the right corner with 6:17 left in the first half, pulling Oakland within 29-28.
"I was in rhythm, caught it and shot it in the corner. It went in," Bader said. "I practice those shots all the time. It's just constant repetition and confidence that I'm going to make every shot."
He made his second attempt with 11:45 left in the half despite being fouled, converting the four-point play.
Bader, a 6-foot-5 senior guard, tied the record with a 3-pointer from the right wing with 6:58 left.
Bader scored 18 of his 21 points in the first half, making of 5 of 7 3-pointers. He shot 1-for-4 beyond the arc in the second half, pushing his career total to 461.
"You've got a guy sitting in the room that's the greatest of all-time at something," said Oakland coach Greg Kampe. "And we're not talking about flipping a tiddlywink or something like that. This game's been played for a long, long time and he's the best ever. And, he's still got seven, eight games left."
Milwaukee (15-9, 5-5 Horizon League) pulled away from a 41-38 halftime lead to win the conference game, 86-64. Despite Bader's record-breaking performance, Milwaukee outshot the Golden Grizzlies (9-15, 4-5) from 3-point range. The Panthers were 13-of-25, and Oakland finished 10-of-21.
"It's bittersweet," Bader said. "It's something that's good for Oakland, good for our fans and everything like that, but me being the person I am, I wanted to win the game more than anything."
Kampe said that Redick had previously sent a video that has played at Oakland's home games.
"He's well aware of it," Kampe said. "His comments in the video are really nice."
At a break in the action, Bader's record was announced to the crowd, which responded with a standing ovation.
"I'm not a big guy on individual accolades, but you can't do this without people setting screens for you, without people passing you the ball, without coaches working with you, without a janitor opening the door for you," Kampe said. "There are hundreds of people that had a play in him doing this. And that's what's so cool about it. All of these people that did for the rest of their lives will be able to talk about this."