Dirk Kuyt secured a point for Liverpool with the last kick of the game following a dramatic encounter at the Emirates.
The contest was set to end 0-0 until Robin van Persie fired an injury-time penalty. Minutes later referee Andre Marriner again pointed to the spot, with Kuyt converting to give the visitors a share of the spoils against the odds.
Earlier in the game Jamie Carragher (concussion) and Fabio Aurelio (thigh) had to leave the field – making Liverpool’s comeback all the more remarkable.
The result leaves them four points off European qualification, though rivals Tottenham have two games in hand. Arsenal, meanwhile, trail Manchester United by six points as Alex Ferguson’s men chase a record 19th title.