Leeds 2 Liverpool 2
Harry Kewell opened the scoring against his former club before The Whites struck back through Eirik Bakke and Mark Viduka before Milan Baros equalised.
The visitors began in confident mood with Michael Owen causing problems in the Leeds box early with Gary Kelly deflecting his close-range effort just wide of the post for a corner.
Kewell failed to test Paul Robinson from the resulting corner, as his drilled effort sailed over the bar with Baros forcing the England keeper into a save shortly after.
Both sides continued to push forward looking for the opener with Alan Smith coming close at one end while Owen skied his shot well over at the other when well placed in the box.
Kewell, against his former club, inevitably opened the scoring with a stunning strike from outside the box that almost mirrored his midweek effort against Levski Sofia.
Leeds' reply was swift and not only did they find themselves level they were soon ahead with Liverpool's defence getting carved apart by Smith and co.
Firstly, Jermaine Pennant collected Smith's flick-on before feeding Bakke in the box to stab home from close range past the oncoming Chris Kirkland with his first of the season.
Smith, at the heart of every move, then received Robinson's goal kick before playing in Viduka who chipped the ball over Kirkland from close range to cap a remarkable turnaround.
The first half scoring was complete when Baros signalled his return to form with a superb equaliser. The Czech international skipped past Didier Domi and Seth Johnson before drilling home.
Eddie Gray was forced into a half time substitution with Stephen McPhail coming on for goalscorer Bakke who was forced out with a slight thigh injury.
Smith was inches from getting his name on the scoresheet after the break, but after skipping through the Reds defence his drilled effort beat Kirkland and the far post.
It began to look like it was not going to be Owen's day shortly after when Robinson somehow clawed away his goal-bound header from point-blank range from a left wing cross.
Steve Finnan had his heart in his mouth moments later, however Kirkland read his poor back-pass well, clearing under pressure with James Milner closing in.
Smith continued to cause problems for the visitors, but he saw his first effort saved by Kirkland before he was inches from scoring when his header from Milner's cross cannoned off the bar to safety.
Dietmar Hamann, who had spent most of the match protecting the visitors' defence, almost won the match late on but his rasping long-range drive was superbly tipped over by Robinson.
Despite the dropped two points from either side, Liverpool close the gap on Charlton who lost to Arsenal while Leeds are now unbeaten in three league encounters.
