The only real chance of note in the opening stages fell to Tyler Forbes, but the midfielder dragged his shot wide of the post from the edge of the box.
Donal McDermott almost handed the visitors the lead in the 43rd minute, but his effort flew narrowly wide.
Ball and Forbes both had chances early in the second period, but neither could truly test Lillis.
They were made to pay for their profligacy shortly after when Peter Vincenti put Rochdale ahead in the 57th minute with a close-range header.
Jamie Proctor was presented with an immediate opportunity to equalise, but headed straight at Lillis from close range.
Chris Maxwell then parried McDermott's free kick to safety to prevent his side falling two goals behind.
Proctor came close once more shortly after, but his effort rebounded off the upright after a goalmouth scramble.
It looked as though Rochdale were going to hold on for all three points, but Jamille Matt leapt highest at a corner in the 87th minute to grab a late equaliser.
There was still time for more drama, as Vincenti was brought down in the area, but Ian Henderson's penalty was saved by Maxwell as Fleetwood held on to secure a point.