Mr Tadic, who has already served two terms in office, has portrayed the poll as a referendum on EU membership.
Mr Nikolic says he also supports the EU bid but not at any cost.
Having lost to Mr Tadic on both previous occasions, he has focused on the economy, promising fresh investment and higher tax on the rich.
The outcome of the vote may affect both Serbia's EU prospects and the future of Kosovo, the breakaway Serbian province which declared independence in 2008.
A bitter row erupted after the first round of the election on 6 May, when the nationalists accused Mr Tadic's supporters of rigging the ballot.
Electoral officials found no evidence that 500,000 votes had been falsified, as Mr Nikolic alleged, while foreign monitors declared the vote to have been fair.
As president, Mr Tadic oversaw the EU candidacy negotiations and argues that success for him and his Democratic Party is vital for development and stability in Serbia over the next decade.
In a presidential debate on Wednesday, he said: "We want a piece of that pie, conditions for jobs, guarantees for investments...
"Bosch, Siemens, Fiat, and Benetton would never have come to Serbia without the guarantee provided by the status of EU candidate."
Under his leadership, Serbia captured Bosnian Serb war crimes suspects Radovan Karadzic and Gen Ratko Mladic, and handed them over to international prosecutors at The Hague.
While he opposes independence for Kosovo, he is seen as taking a more conciliatory stance.
During Wednesday's debate, Mr Nikolic told Mr Tadic: "Do not defend the EU against me because the EU does not defend itself against me.
"I have been a visitor there as many times as necessary."
The Serbian Progressive Party politician has vowed to invest in agriculture and industry and tax the rich to fund a rise in pensions.
Serbia is plagued by unemployment of 24% and foreign debt of 24bn euros (£19.5bn; $31.5bn).
Source: BBC News
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