Palace trailed by two goals after just nine minutes, with Nicolas Pepe's corners causing trouble in the defensive lines allowing Sokratis and then David Luiz to scuff home from close range.
However, a VAR-awarded penalty, dispatched by Luka Milivojevic, and an early second-half header from Jordan Ayew saw Palace deservedly level.
Both teams had chances to secure all three points, with Arsenal's Sokratis having a late goal ruled out after VAR spotted fouls by Calum Chambers and Alexandre Lacazette in the goalmouth scramble that led to the defender's goal.
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