Gary Teale scored for Derby on the break in the 29th minute, before Andy Dawson levelled with a free kick 4 minutes later.
Then in first half stoppage time, defender Darren Moore put the Rams back in front at the break.
Phil Brown made a double substitution just after the hour mark, giving Ray Parlour his debut in place of John Welsh and also bringing on Dean Windass for Jon Parkin. Stuart Elliott later came on for Steve McPhee as Derby started to lose control of the game.
City's second equaliser of the game came 2 minutes from time. Sam Ricketts crossed and David Livermore finished with his right foot to settle it at 2-2.
The point sees City move back out of the relegation zone, going level on points with Barnsley but moving above the Tykes on goal difference. They lost 3-0 at home to Colchester today. City's goal difference is also better than Luton's, who didn't play today due to a frozen pitch, so end the day in 20th place, just a point behind QPR who took a beating at Southend last night.
Leeds remain bottom despite beating Crystal Palace 2-1. They're a point behind Southend and 2 behind City and Barnsley, and have a game in hand.