Derby defender Andy Todd scored his first goal for 17 months to deny Portsmouth striker John Utaka his own moment of debut glory.
After Benjani Mwaruwari had cancelled out Rams captain Matt Oakley's fourth-minute opener later in the first half, the game then exploded late on with two goals in two minutes.
Nigeria international Utaka, a £7million buy from Rennes this summer, appeared to have grabbed the limelight with an 82nd-minute strike at Pride Park.
However, within seconds defender Todd, a free transfer capture from Blackburn, clinched a deserved point for Derby on their return to the Barclays Premier League with a diving header.
Manager Billy Davies' side were certainly excellent value, and on this showing have every chance of proving the bookmakers wrong as they are favourites for an instant return to the Championship.
These are early days, of course, with the objective for both teams in stark contrast as Derby are banking on mere survival, while the visitors are targeting UEFA Cup football.
Pompey boss Harry Redknapp has spent heavily over the summer, so the pressure is on, yet his team remain without an away win in 2007 as they finished last term with five defeats and four draws.
Davies, meanwhile, in the stands after being handed a one-match touchline ban by the FA on Thursday for an infringement stemming from a Championship game in January, could not have dreamed of a more perfect start.
Derby's season was barely four minutes old when goalkeeper Stephen Bywater punted a long goal-kick upfield where Steve Howard managed to outjump Sol Campbell, who was wearing the captain's armband for the first time.
Howard's header looped into space with barely a blue shirt within yards of Oakley who was given a clear sight of David James' goal.
The former Southampton midfielder, who scored on his last outing against Pompey in January 2005 when he helped knock them out of the FA Cup, made no mistake with a crisp right-foot drive from 15 yards.
Pride Park erupted and from that moment it appeared as if another of the league's new boys would claim three points on the opening day, as Sunderland had remarkably done against Spurs earlier in the day.
Derby's football was assured, while the visitors appeared all at sea in the opening stages, with no excuses as to the number of new faces on show as both sides were fielding five.
In the 10th minute it should have been 2-0 as the Pompey defence made a hash of clearing a loose ball from their area.
Steaming through from midfield Todd took the ball in his stride on the edge of the area, only to scoop his 12-yard shot over the crossbar.
That was followed by centre-back Darren Moore rising unopposed to a Oakley free-kick floated to the far post, planting a firm header goalwards, only for James to make a clean catch on his line.
But then Portsmouth started to find their feet, and after Bywater had denied Pedro Mendes on the half volley from 25 yards, Redknapp's side were back on level terms in the 27th minute.
New boys Sulley Muntari and David Nugent, £7million and £6million respectively, played their part in teeing up Mwaruwari, who had scored just six goals in his previous 50 appearances.
The Zimbabwe striker first shimmied his way past Andy Griffin, a free transfer signing from Portsmouth, before passing the ball underneath a slow-on-the-shot Bywater.
After Utaka forced a fine save from Bywater soon after, the Rams came within a whisker of heading into the break with the lead.
However, Steve Howard's downward glancing header to a right-wing cross from Craig Fagan clipped the outside of James' left-hand post.
After the interval the chances continued to fall Derby's way, aided initially by a wayward Muntari pass along the halfway line that was intercepted by Fagan.
The 24-year-old then outpaced Campbell as they bore down on goal, but again James showed fine agility as he was at full stretch in saving Fagan's low shot from the edge of the area.
Derby appeared as if they would pay for their missed opportunities when another two of Pompey's new faces in Sylvain Distain and Hermann Hreidarsson combined to set up Utaka.
But the Rams refused to go under, and sparked by 75th minute substitute Gary Teale, it was the Scotland international who laid the ball on a plate for Todd to grab a share of the spoils.
