Denis Cheryshev had cancelled out an Antoine Griezmann strike to leave the two teams on terms at the break, but Fernando Torres netted on his 300th Atletico appearance and Carrasco on his return from injury to move the capital side to within eight points of leaders Barcelona in the table.
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Valencia boss Gary Neville recalled Joao Cancelo to his XI, with the right-back available after serving a one-match suspension. Fellow full-back Jose Gaya, however, missed out through a suspension of his own, allowing on-loan Guilherme Siqueira to start against his parent club.
As for Atletico, key centre-back Diego Godin was ruled out late in the afternoon with gastroenteritis, meaning that there was a start for young Frenchman Lucas Hernandez alongside Jose Gimenez at the back.
Matias Kranevitter, meanwhile, replaced the suspended Augusto Fernandez for his first La Liga start. In the final third, it was youth over experience as Luciano Vietto started ahead of Fernando Torres.
The first half-chance of the match came to Atletico in the eighth minute, but Koke, after finding space outside the Valencia box, could only drag his low attempt wide of the post, before Gimenez headed over moments later.
It was Atletico that continued to look the most likely and the first clear chance of the contest fell to Vietto, but the Argentine fired over the crossbar from a dangerous position. Vietto had an even better opportunity in the 20th minute, but could only curl wide of the target after controlling a loose ball inside the box.
Valencia's first shot on target came in the 22nd minute when Cheryshev demonstrated fine technique to place a volley on target, but Jan Oblak was down to make a smart save.
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Atletico made the breakthrough in the 24th minute, however, when Griezmann found a yard of space outside the Valencia box before drilling a low effort past the reach of Diego Alves and into the bottom corner.
Valencia were behind for just four minutes though as a Paco Alcacer header fell into the path of Cheryshev, who drilled his effort past Oblak to send the home supporters into jubilation.
Vietto continued to pass up chances down the other end, meanwhile, as the Argentine hit the side-netting in the 33rd minute after an excellent piece of work from Griezmann.
Alcacer's link with Cheryshev was a feature of the first period and the pair combined once again five minutes before the interval, but the latter fired over the crossbar in what was the final chance of the first 45 minutes.
Gabi had the first attempt of the second period in the 53rd minute, but the Atletico skipper fired wide of Alves's post, before Sofiane Feghouli had a strike blocked behind during an end-to-end period of the match.
Feghouli then set up Alcacer as Valencia came close on the hour, but the Spanish international could not beat Oblak from close range as the final 30 minutes approached with the score still level at 1-1.
An outstanding piece of goalkeeping from Alves then stopped Atletico regaining the lead as the Brazilian somehow kept out a fierce close-range effort from Vietto, which he pushed onto the crossbar.
Both sides continued to commit players forward and Saul Niguez headed just wide of the Valencia post 20 minutes from time during a period where both managers utilised their substitutes' bench.
Indeed, Fernando Torres came off the bench in the 63rd minute and he scored in the 72nd - volleying home at the far post from a corner to send the visitors ahead at a key stage of the match.
Another Atletico substitute - Carrasco - came close to making it 3-1 Atletico 15 minutes from time, but his strike from distance just whistled wide of the post.
Valencia's task became harder 10 minutes from time when Aderlan Santos picked up his second yellow card for a late challenge on Fernando Torres and Atletico made sure of the points in the 85th minute when Carrasco beat Alves from inside the box.