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After some skirmishing play from both outfits in the opening stages of the first half, the first concrete chance came in the 17th minute, when a dangerous Leighton Baines free kick fell to Phil Jagielka, but his header was blocked.
Ricardo Quaresma countered for the Portuguese side eight minutes later, his shot from distance flying narrowly over the Everton bar.
The deadlock was then broken with three minutes to play in the first half, when Steven Naismith was played in by Aiden McGeady - who had intercepted a pass from the opposition keeper - and fired home.
Muhamed Besic, Everton's new signing, came on in the second half and proved a dangerous player, but wasn't able to stop the opposition from equalising.
Just before the hour, Porto levelled after some neat play in and around the Toffees box, rounded off by Jackson Martinez.
The Goodison crowd was hoping that Osman, a mainstay at Everton for years, would score, but despite some good play he wasn't able to get on the scoresheet and the game duly finished 1-1.