A brace from Joe Walsh and one for Billy Clarke had given Crawley the advantage after Joe Thompson's double for the hosts had given them a half-time lead.
But Lowe popped upin injury time to ensure Rovers gained a deserved point.
The opener came when Andy Drury's free-kick found Walsh unmarked in the 10th minute and the Welsh defender steered his header into the far corner.
Tranmere equalised six minutes later after Crawley failed to clear a long ball, with the ball falling to Thompson, who worked space on his left to slot home from ten yards.
Thompson's second came in the 44th minute when Crawley keeper Paul Jones mishit a clearance straight to him and the wing-man kept his cool to slot past the onrushing goalkeeper.
Crawley equalised when full-back James Hurst beat his man at the byline and crossed low for Clarke to finish in the 55th minute.
Walsh got his second nine minutes from time when Tranmere once again failed to deal with a set piece and he managed to finish through a crowd of bodies to give Crawley the lead.
But Lowe was on hand to equalise with his second goal of the season, finishing with a deft touch at the back post when Robinson's corner was flicked on to him.