It looked like Tony Gallacher had settled a scrappy affair in the young Reds’ favour when he found the top corner shortly after the hour mark at Prenton Park.
But, despite goalkeeper Caoimhin Kelleher’s best efforts, Folarin Balogun forced in a leveller at the second attempt just before the full-time whistle.
The result leaves Neil Critchley’s team two points behind Leicester City and the Gunners at the summit of the table with two games still to play this season.
Liverpool were grateful for diligent defensive covering from Gallacher in the fourth minute.
A long diagonal into the Reds box was well controlled by Vlad Dragomir to open up a shooting opportunity but the strike was blocked by the left-back, who had sensed the danger and reacted quickly.