Having built up a 2-0 lead thanks to goals from Jess Clarke and Niamh Charles, Scott Rogers' side looked like they would end their campaign with a welcome victory.
However, Women's Super League champions Chelsea showed just why they had won the title with a powerful second half comeback, thanks in particular to two stunning goals from substitute Ji So-Yun.
Chelsea, who were crowned Women's Super League champions in midweek, were awarded a guard of honour by Liverpool as they entered the Prenton Park pitch.
Before kick-off a minute's applause was held as a mark of respect for Liverpool Ladies supporter Hazel Mayamba-Kasongo following her sad passing.