The Magpies took the lead in their pre-season friendly after just 15 minutes when Joselu broke the deadlock, but goals either side of half time from Daniel Batty and Evandro saw the Tigers turn the game around.
It looked as though the Championship outfit might hold out too, but Perez popped up with only four minutes of normal time remaining to level things up and extend Newcastle's unbeaten start to their pre-season campaign.
It was Newcastle that posed the early threat, and Jacob Murphy flashed one early effort over the crossbar before the Magpies broke the deadlock after only 15 minutes.
Joselu, who created the chance for Murphy moments earlier, turned finisher when he got on the end of Jonjo Shelvey's long pass over the top before firing his low strike past the keeper.
Hull responded well to going behind, though, with Nouha Dicko forcing Newcastle captain Jamaal Lascelles into a last-ditch block moments before Karl Darlow was called into action for the first time to deny David Milinkovic.
Newcastle were quickly up the other end and almost doubled their advantage with a couple of free kicks in quick succession moments later. First Shelvey was denied by a fine David Marshall save before the Hull keeper then kept out Matt Ritchie from an almost identical position, and Stephen Kingsley cleared Murphy's rebound off the line.
It proved to be a valuable series of goal-saving interventions from the hosts, who levelled things up just four minutes before half time when Batty converted from close range via the aid of a deflection.
Newcastle manager Rafael Benitez made six changes at the break, but it was Hull that looked most like scoring after the restart, with Dicko first being halted by a sliding challenge from Shelvey before being thwarted by Freddie Woodman when one on one with the keeper.
Kingsley was the next to threaten for the hosts when he attempted an ambitious volley, and the Tigers did finally take the lead shortly after the hour mark when Evandro swept home having seen the ball fall kindly for him inside the area.
A string of substitutes upset the rhythm of the game as the second half wore on, but Hull had the chance to wrap up the win nine minutes from time when Woodman's misplaced pass gifted the ball straight to Will Keane, who rounded the keeper but could only find the side-netting with his finish.
It was a significant reprieve for the Magpies late on, and they took full advantage to level things up just five minutes later when Perez fired the ball into the roof of the net from close range following a corner.
There was no time for a winner late on as Newcastle had to make do with a draw in their final game before the start of their pre-season tour of Portugal, which will see them face Porto and Braga.
Hull, meanwhile, take on Barnsley on Saturday in their final warm-up game before the new Championship season gets underway.
HULL: Marshall; Lichaj, Kingsley, Burke, de Wijs; Henriksen, Batty, Kane (Holmes 90'), Milinkovic, Evandro (Sheaf 75'); Dicko (Keane 66')
NEWCASTLE: Darlow (Woodman 46'); Yedlin (Manquillo 46'), Lascelles (Clark 46'), Yarney (Hayden 53'), Roberts (Sterry 46'); Shelvey (Ki 70'), Diame (Fernandez 60'), Murphy (Aarons 46'), Longstaff, Ritchie; Joselu (Perez 46')