Tom Ince's early penalty was cancelled out by Jordan Rhodes' own spot-kick before Dan Gosling's long-range effort gave Blackpool a first-half lead.
But the game was marred late on when ex-Seasider DJ Campbell and Jack Robinson both saw red after a melee in the box involving all the outfield players.
And Blackburn drew level in stoppage time when Tom Cairney's right-wing free-kick went in off the head of Blackpool's Davies in a crowded penalty area.
The Seasiders took a deserved lead when Ricardo Fuller was pulled down in the box by Matt Kilgallon and Ince stepped up to coolly slot away a 13th-minute penalty.
But Rovers drew level through top-scorer Rhodes with a penalty of their own on 21 minutes, coolly finishing after Robinson's handball.
Against the run of play, Gosling handed the Tangerines back the lead when his 25-yard 39th minute effort found a way past Jake Kean into the bottom corner.
Blackpool's first opportunity came when Steven Dobbie worked his way down the right-wing and his dangerous fifth-minute cross was just missed by both Fuller and Neal Bishop.
The Tangerines should have taken the lead a minute later when Kean parried Ince's cross into Dobbie's path, who in turn forced a vital close-range save from the goalkeeper.
Robinson nearly made amends for his error immediately but he saw his 26th-minute header from Ince's cross cleared off the line by Scott Dann.
Rovers' resulting counter-attack saw Tom Cairney's run eventually find Alan Judge, whose clever turn and shot drew a diving save from Matt Gilks, while Joshua King fired the rebound over.
After the break, Cairney floated in a 51st minute right-wing free-kick and Gilks had to be alert to punch away the aerial ball.
Dobbie was again unlucky to get on the scoresheet after his low 53rd minute effort from just outside the area fizzed inches past Kean's post.
Dobbie found himself in the book for a needless 68th-minute foul on King and from Cairney's resulting free-kick, Tommy Spurr headed into Gilks' arms.
Campbell nearly set up a 74th minute equaliser when his right-wing cross fizzed across goal and Cairney couldn't quite connect with the goal gaping.
Ince nearly made sure of the win with an 80th minute volley from outside the area but his shot went just wide past a diving Kean.
Campbell caused the 83rd-minute scrap between almost all the players after going in for a heavy challenge on Gilks, and the ex-Seasider was given his marching orders along with Robinson for his reaction.