The hosts were chasing a fourth straight win and got off to the perfect start when Ragnar Klavan swivelled in the box and turned home a scrappy effort in the seventh minute.
Half an hour later Augsburg doubled their lead as Raul Bobadilla guided home a free kick from the right at the back post.
Augsburg were in complete control, but Frankfurt gave their chances a huge lift with a goal in first-half stoppage time as Stefan Aigner couldn't miss when the ball broke his way a couple of yards out.
It is the first time that Augsburg have drawn in 20 Bundesliga games this season. They move up a place to fourth in the table, while Frankfurt, who are now six league games without a win, also climb into the top half.