A win for the Seasiders would have moved them off the foot of the Championship table, and they were on course for just their fifth victory of the season when Gary Madine scored his first goal since joining on loan from Sheffield Wednesday to put them ahead.
Andrea Orlandi added a second just after the hour mark, but Forest scored twice in two minutes through Dexter Blackstock and Gary Gardner to draw level.
Steve Davies restored the home side’s lead on 73 minutes before Forest midfielder Henri Lansbury tucked home a spot-kick four minutes later – the concession of which saw Tom Aldred red-carded.
Darren O’Dea was then stretchered off to leave Blackpool two men light and Chris Burke thought he had won it for the visitors with a goal five minutes into added time.
But Ferguson headed home to salvage a stunning point at Bloomfield Road.
Earlier in the week, the Football League asked Blackpool to explain the state of their pitch, and the playing surface at Bloomfield Road was atrocious once again and caused numerous players to lose their footing – and control of the ball.
But the hosts certainly looked more accustomed to the conditions and deservedly took the lead on the stroke of half-time. Dom Telford hooked the ball into the area from the right and Madine got ahead of his marker to strike home right-footed from eight yards.
Orlandi added a second after 66 minutes when he drifted in off the right and superbly curled the ball into the far corner with his left foot from 20 yards.
Less than two minutes later, though, Forest pulled one back through Blackstock. The substitute brought the ball down and took an airshot with his initial effort before picking up the ball and slotting under Joe Lewis from six yards.
The chaotic Blackpool defending continued, handing Forest an equaliser after 70 minutes through Gardner, who tapped into an empty net from six yards after Lewis had denied Michail Antonio.
But Blackpool were back in front after 73 minutes when Davies got on the end of a right-wing cross. He saw his first effort blocked but hammered home the rebound from six yards.
Their joy was short-lived as Forest were awarded a penalty after 75 minutes and last man Aldred was sent off for bringing down Antonio. Lansbury stepped up and sent Lewis the wrong way to make it five goals in a frenetic 10 minutes.
Yet the drama continued. Forest took the lead for the first time when Burke cut in from the left and fired into the top corner from 18 yards.
But Blackpool pulled level just a minute later when Ferguson glanced a corner across the goal and into the net from 12 yards.