The Gunners looked on course for the win when Mesut Ozil fired in from close range to give them the lead with 11 minutes remaining.
However, Gerard Deulofeu came off the bench to smash the ball past Wojciech Szczesny in the 83rd minute to earn Everton a share of the spoils.
Here, Sports Mole takes a closer look at the action between the sides at the Emirates Stadium.
On target 5
On target 4
Was the result fair?
Without doubt, both sides fully deserved a point each from this match. The momentum continued to swing one way then the other as the two sets of players cancelled each other out for long periods. However, it would have been harsh if one of the teams came out on the wrong end of the result.
It was something resembling a game of two halves for the Gunners as they struggled to get near Everton during the opening 45 minutes. The hosts were second best in nearly every department, although they improved a lot after the break with a more direct and dynamic display. There were one or two players who looked a yard or two off the pace, but there was enough here to suggest that Arsene Wenger's side have the bottle to continue challenging at the top of the table for the remainder of the season.
Roberto Martinez's side can be very proud of themselves thanks to an assured, and often dazzling, display at the Emirates Stadium. They passed Arsenal off the pitch in the first half, but struggled to create any meaningful chances in the final third. That changed in the second half as they showed plenty of attacking intent while stifling the Gunners with a dogged midfield and defensive setup. There was a bit of pressure on the Toffees coming into the match following their win at Manchester United in midweek, but they looked the real deal and were good value for a point.
Sports Mole's man of the match
Ross Barkley: The Everton midfielder looked older than his 20 years of age as he imposed himself brilliantly on the match. Not only did he break up a number of Arsenal attacks, but his running with the ball was also mesmerising at times.
Romelu Lukaku wasted a glorious chance for Everton deep into injury when he broke up the pitch with pace. However, the Belgian striker shot high over the crossbar when he had two teammates in decent positions up with him.
Howard Webb did little to upset the flow of the match, allowing some robust challenges to be put in while taking action when appropriate during a high-tempo game.
Arsenal: The Gunners finish their Champions League group campaign on Wednesday knowing that they need to avoid a heavy defeat at Napoli to reach the last 16 of the competition.
Everton: The Toffees return to Premier League action on Saturday as they welcome Fulham to Goodison Park.