BATE Borisov's earlier defeat to Lille left each side within a point of progressing and they duly shared the spoils, despite the Spanish side losing Antonio Barragan to a red card after only 33 minutes.
Indeed it was Valencia who opened the scoring, Sofiane Feghouli finding the target in the 77th minute only for Thomas Muller to draw the Bundesliga giants level five minutes later.
Bayern fashioned the first reasonable chance of the evening, Toni Kroos' corner finding Bonfim Dante, who failed to hit the target with his header.
After 18 minutes the same combination, from the same set-piece situation, went much closer. Kroos' delivery again located Dante and this time his attempt from six yards required Vicente Guaita to tip the ball round the post.
Soon after Barragan was booked for a clumsy challenge on Franck Ribery, a moment that would scarcely have warranted much attention had he not followed up by earning a second caution 13 minutes later for a foul on David Alaba. Kroos threatened with the resulting free-kick but Guaita managed to cling on.
Valencia did not look completely out of the game despite their numerical disadvantage, with Feghouli and Roberto Soldado both shooting over before the half-time interval.
The familiar combination of a Kroos corner and a Dante header again threatened in the 52nd minute and Soldado finally made Manuel Neuer work in the Bayern goal moments later.
On the hour the Spain striker had another sight of goal but flashed wide from the edge of the box, Xherdan Shaqiri and Mario Mandzukic were sent on to lift Bayern but it was Dante, yet again, who had the German side's next chance - another off-target header.
With 20 minutes gone the substitutes combined, Shaqiri crossing for Mandzukic, whose shot just failed to creep inside the post.
Then, against the run of play, Feghouli struck. It was a fine goal, with the Valencia man beating two men before driving home via a touch from the unwitting Dante, finally finding the net for the first time.
The unlikely opener put Valencia on course for all three points but Muller gave his side a point after Philipp Lahm's cross was deftly played on by Mario Gomez.