Both sides lost ground in the race for the Championship, but the Gunners should really had made more of their dominance.
A first-half goal from Tim Cahill shocked the Gunners, but Robin van Persie's thunderous equaliser spared Arsenal's blushes, but Arsene Wenger would be right to believe his side deserved more for their efforts.
Arsenal had began brightly and Johan Djourou's run into the box had Tim Howard rushing out smartly to narrow the angle, while Alan Stubbs touched the ball away for a corner after five minutes.
The Gunners were full of running but could not quite open up any clear cut chances as Everton squeezed the space by flooding the midfield and leaving Andrew Johnson as the lone raider in attack.
Despite all their energy and possession, it was Everton who opened the scoring, albeit in fortuitous fashion. Kolo Toure's attempted clearance of Mikel Arteta's corner hit Cahill in the body and it was the Everton player who reacted first to latch on to the loose ball and fire it into the roof of the net from close range.
The Gunners continued to pour forward and keep the visitors under pressure but could not quite carve out any clear chances. Thierry Henry forced Howard to punch the Gunners striker's 20-yard drive clear on 20 minutes and the Everton keeper gathered well from Toure's thunderous 30-yard drive.
Long-range efforts, including an injury-time power drive from van Persie was as good as it got for the Arsene Wenger's team in the first half.
Everton on the other hand were content to play on the counter-attack, and Johnson's pace was always a threat that ensured that Arsenal were not too cavalier about sending their defenders forward.
A goal down at half-time, the Gunners came out quickly off the blocks after the re-start.
The Gunners were quickly on the attack and Howard was forced to make the best save of the game to that point when he parried a powerful Henry header from Cesc Frabregas' pin-point cross on 46 minutes.
Tomas Rosicky went close on the hour after Robin van Persie's free-kick cannoned back off the wall and into the path of the Czech player. His stinging shot flew inches wide of the left post.
Howard was on hand to deny Fabregas a minute later when he athletically palmed away the young Spaniard's shot from the right side of the area. The American keeper was again on hand to keep his team in the lead just seconds later, doing just enough to distract Gilberto to ensure his powerful header from van Persie's cross was directed just wide.
Wenger brought on Theo Walcott as right-back on 68 minutes with a clear licence for the youngster to make marauding runs along the flank.
Within minutes Arsenal were level following a magnificently struck van Persie 30-yard free-kick that Howard could only help on its way into the roof of the net.
Arsenal came close to claiming all the points in injury time when Tierry Henry's header from van Persie's free-kick was glanced just wide of the left post with Howard well beaten.
Despite the Gunners piling on the pressure and claiming almost 70 per cent of the possession they could not make the breakthrough.