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.
5. Lincoln eye Blades stopper
Lincoln City could be set to make a move for Sheffield United goalkeeper Jake Eastwood. According to reports, the club are looking for an emergency loan deal, and could have found their answer with the ex-Portsmouth loanee. (LincolnshireLive) | Getty Images
6. Wilder names transfer priority
Middlesbrough boss Chris Wilder has revealed he’s target a left-footed centre-back ahead of the summer transfer window. The club were linked with Rangers’ Jack Simpson in January, but a deal failed to come to fruition. (Football League World) | AFP via Getty Images
7. Ex-Fulham boss lands new job
Ex-Fulham boss Felix Magath has been named the new Hertha Berlin boss until the end of the season. He once famously suggested that star Cottagers defender Brede Hangeland could look to treat a thigh injury with cheese. (Club website) | Getty Images
8. Baggies want Gayle back
West Brom have been tipped to move again for Newcastle United striker Dwight Gayle in the summer. The out of favour striker has been linked with the Baggies for some time, and starred for the club previously on loan during the 2018/19 campaign. (Sunday Mirror) | AFP via Getty Images