The Glovers held the advantage for the majority of the game thanks to a Paul Wotton penalty midway through the first half. Wotton made no mistake after goalkeeper Paul Jones - one of three Posh debutants - had tripped Yeovil player-assistant manager Nathan Jones in the 23rd minute.
And that was the way it stayed until an unbelievable spell of three goals in as many minutes late on ensured the points were shared.
Defender Kelvin Langmead fired Posh level after being picked out by a Lee Tomlin free-kick after 87 minutes, only for Yeovil to hit the front again less than a minute later.
On-loan midfield ace Andrew Tutte grabbed his first Glovers goal by beating Jones with a low finish from 15 yards, but Posh needed only two minutes to respond.
Leading scorer Craig Mackail-Smith, who had been introduced as part of a triple substitution on the hour, prodded home at the back post after the visiting defence had failed to deal with a Tomlin corner in the 89th minute.