Ricardo Fuller's ultra-cool tap-in had given Blackpool, who could have gone top with a two-goal victory, the lead before Vaughan had a leveller chalked off prior to half-time because of an incorrect offside call.
He found the net again, however, and had the optimum opportunity to make it 11 goals in as many games when Angel Martinez hauled down substitute Sean Scannell in the area, earning a second yellow card for his troubles.
But Vaughan slammed that 84th-minute spot-kick against the crossbar, leaving the spoils to be shared.
The division's most lethal striker got his first sniff of goal after 12 minutes but this time Vaughan was off balance and sliced wide.
At the other end Chris Basham was twice targeted at the far post, but first Fuller was not on the same wavelength when he headed back across goal and then goalkeeper Alex Smithies just diverted it away from the Seasiders winger.
However, Paul Ince's men would take the lead 27 minutes in courtesy of summer signing Fuller.
The Terriers were unable to clear their lines and Kirk Broadfoot nodded into Fuller's path. The ex-Stoke striker looked to have stayed onside and though he still had plenty to do, Fuller ambled forward, side-stepped Smithies and casually rolled the ball home.
As the half drew to a close Vaughan found the back of the net but was adjudged to have been offside. There was little complaint from the ex-Everton forward, yet replays showed he was probably level.
Rather than bemoaning their luck, boss Mark Robins made the proactive move of bringing Scannell and 18-year-old league debutant Duane Holmes into the fray.
And Vaughan shook off any perceived injustice to fire his side level just after the hour.
Holmes' impact was immediate as he picked up a pocket of space before sliding the ball into Vaughan's path. The striker is in such deadly form that he did not need to think about his shot, drilling the ball past Matt Gilks first time.
Vaughan was clearly causing problems and the home crowd roared for a penalty when Craig Cathcart upended him in the box. However, just like his disallowed goal in the first period, Vaughan's unsuccessful protests were muted.
The Terriers would get a spot-kick in the final 10 minutes as a counter-attack featuring Holmes and Scannell culminated in the latter being fouled from behind by Martinez, who was handed a second yellow card while Gary MacKenzie's protest earned him a booking too.
Vaughan promptly stepped up and lashed the set-piece against the crossbar, with the lively Holmes also going close in the latter stages as the 10 men held on.