Liam McGrath was the hero for Tipperary as he snatched a draw in the fourth minute of injury-time with a free from 40 metres.
It was no more than Tipperary deserved in a game where they looked set for long periods for their first win of their Allianz Football League Division 2 campaign.
But Fermanagh never gave up and seemed set to snatch it when they hit the front for the first time with two minutes left.
However, there was plenty of drama after that as Brian Fox struck for his second goal for Tipperary only for Fermanagh to regain the lead deep into added time with a penalty from Sean Quigley.
Tipperary led by 1-01 to 0-02 at the end of a poor opening half where both sides packed out their defence when they didn’t have the ball.
There were only 667 supporters in Semple Stadium and they saw little to enthuse them in the opening half where none of the starting forwards scored from play.
The decisive score came after six minutes when a shot from Brian Fox dropped short but Fermanagh goalkeeper Thomas Treacy fumbled it and the ball dribbled over the line for the opening score.
Fermanagh shot seven wides to Tipperary’s five in the opening half with Sean Quigley kicking four of them, three from placed balls.
Midfielder Ryan Jones got Fermanagh’s opening point after 13 minutes and Quigley added a free 11 minutes later.
Fermanagh goalkeeper Treacy did well to deny Liam Boland before wing-back Kevin Fahey increased Tipperary’s lead four minutes before the break to lead by two at half-time.
The tempo of the game increased after the restart with Quigley, with a free, and Philip Austin exchanging points.
Liam Casey pushed Tipp three clear after a good intercept and run from wing-back Jimmy Feehan after 45 minutes to lead by 1-03 to 0-03.
Fermanagh drew level after 58 minutes with a neat finish to the net by Conall Jones after being set up by Ultan Kelm.
Conor Sweeney edged Tipp back in front before Quigley levelled superbly from the right wing with five minutes left.
Ciaran Corrigan put Fermanagh in front before Fox struck for his second goal as the game slipped into stoppage time.
But Quigley hit back with a goal from a penalty after a foot-block to edge Fermanagh back in front.
However, there was time for a final twist as McGrath kept his nerve to land an equaliser in the dying seconds of the game.
Tipperary: Evan Comerford; Alan Campbell, John Meagher, Emmett Moloney; Kevin Fahey (0-01), Daire Brennan, Jimmy Feehan; Steven O’Brien, Liam Casey (0-01); Liam Boland, Liam McGrath (0-01, 0-01f),Brian Fox (2-00); Philip Austin (0-01), Conor Sweeney (0-01, 0-01f), Jack Kennedy.
Subs: Conal Kennedy for Moloney (36), Kevin O’Halloran for Boland (51), Dan O’Meara for Austin (58), Michael O’Reilly for Comerford (69), Paddy Codd for Feehan (72).
Fermanagh: Thomas Treacy; Jonny Cassidy, Tiarnan Daly, Lee Cullen; Kane Connor, Declan McCusker, James McMahon; Eoin Donnelly, Ryan Jones (0-01); Shane McGullion, Conall Jones (1-00), Aidan Breen; Daniel Teague, Sean Quigley (1-03, 1-00 pen, 0-02f), Ciaran Corrigan (0-01).
Subs: Paul McCusker for McGullion (31), Ryan Lyons for Daly (36), Garvan Jones for Teague (40), Ultan Kelm for McCusker (53), Daragh McGurn for McMahon (57).
Referee: Rory Hickey (Clare).