An entertain clash saw the visitors take the lead via Jacob Brown midway through the first half, before Jonson Clarke-Harris equalised for the Posh five minutes later.
This pattern was repeated late on, as the visitors looked to have scored the winner in the 84th minute, before Clarke-Harris drew his side level with a stoppage time penalty soon afterwards.
The result saw the Posh close the gap on 21st place Reading to six points, and there's still plenty of time for the side to break their way out of the bottom three over the course of the next ten matches.
Speaking after the game, Posh boss Grant McCann said: “It was two evenly-matched sides playing the same formation and a similar style on a pitch that wasn’t conducive to playing pretty football,” McCann said.
“The draw was probably a fair result and fair play to my players for showing the desire and resilience required to get back into the game twice.
“I was really pleased with how we responded to setbacks. The players were rewarded for their endeavour and for sticking together with a point. We want to win our home games, but it’s a point nearer to safety with another home game to come.
Next up, Peterborough take on Swansea City at home on Wednesday evening.
Take a look at the latest news and transfer stories from the second tier, as the reaction to last weekend's action continues.
1. United eye Baggies stopper
Manchester United have been tipped to make a move for West Brom goalkeeper Sam Johnstone, as they look to find a replacement for want-away stopper Dean Henderson. The pair have both previously been involved in the England senior set-up. (Daily Star)
2. Hammers leading Worrall race
West Ham are said to be leading the likes of Everton and Brentford in the race to sign Nottingham Forest defender Joe Worrall. The club are said to want up to £15m for the towering centre-back, who has been on the books since his youth career began back in 2011. (Daily Mail)
3. Cooper reveals previous Davis interest
Nottingham Forest boss Steve Cooper has revealed he was keen to sign current loan star Keinan Davis while managing at Swansea City previously. He also praised the player’s technical skills, and claimed he has a bright future ahead. (Nottingham Post)
4. Lilywhites takeover edges closer
Preston North End are moving closer to a £40m takeover, according to reports. It has been suggested that American businessman Chris Kirchner is closing in on a deal to complete the purchase of the 1938 FA Cup winners. (The Sun)