The Robins went into the match on the back of an 11-game unbeaten run and things looked good when James Milner netted on eight minutes.
The Leeds forward is due to end his loan spell at The County Ground this week and he gave the Robins fans something to remember him by with a fine headed goal on eight minutes.
Swindon failed to kill off The Hatters and the pattern of the game changed when Stefani Miglioranzi was dismissed for County.
Luton then had Sol Davis sent off, to make it ten against ten, but they adapted better and fought back bravely.
A retaken penalty by Gary McSheffrey brought Luton level and Adrian Forbes then put The Hatters in front on 67 minutes.
In a game that had everything, it was fitting that there was drama at the death. Brian Howard rammed home a low drive in the 90th minute to snatch a point for Swindon.
Paul McLaren netted goals either side of half time to sink Notts County and end Sheffield Wednesday's recent disappointing run.
The Owls have stuttered of late but McLaren inspired Chris Turner's side to victory with goals on 23 and 53 minutes.
Mark Stallard ensured a tense final 30 minutes when he netted a fine lob for County, but it proved to be a mere consolation as The Owls held firm.
