Palace were knocked out of the Capital One Cup at the third round stage by Newcastle United, but did take the game to extra-time after the initial 90 minutes finished in thrilling style.
The hosts took the lead halfway through the first-half when Dwight Gayle tucked away a penalty, but they were pegged back before the interval thanks to Emmanuel Riviere's well-taken strike.
The French striker then completed his brace from the penalty spot again three minutes after the restart, but having come off the bench 10 minutes earlier debutant Sullay Kaikai's stoppage-time equaliser brought the game into extra-time.
However despite seeing Mehdi Abeid sent-off in the additional half-hour, the Magpies once again found themselves in front when Paul Dummett headed in in the 112th minute and that was enough to give them a fourth round trip to Manchester City.
Just three minutes has passed when Gayle looked to add to his three goal haul from the last round at Walsall when Kevin Doyle won a flick-on against Fabricio Coloccini but saw his snap shot just miss the target.
Indeed it took 20 minutes for either goalkeeper to make a save, and it was Hennessey who dirtied his gloves first when Gabriel Obertan linked up with Abeid on the edge of the Eagles area, and he laid the ball into Daryl Janmaat's path but the right-back's effort was tame.
After scoring against the Eagles last month, Janmaat's day this time was much less of a happy affair as made a clumsy tackle that brought down Wilfried Zaha inside the area after 25 minutes for a clear-cut Palace penalty. Gayle took responsibility and drove the ball powerfully into the bottom corner to give his side the lead.
Newcastle were looking potent down the wings and once again they found some joy when Dummett and Sammy Ameobi carved out a crossing opportunity, but despite Riviere lurking in the area he couldn't get the all-important touch to flick it into the net.
But nine minutes before half-time the striker did finally score his first Newcastle goal. After receiving the ball from Adam Armstrong, he used his strength to turn away from Brede Hangeland and when he found the yard of space he required, he whipped the ball into the bottom corner to leave Hennessey helpless.
Before the half came to a close a vicious Barry Bannan free-kick was tipped over the crossbar by Rob Elliot, but two minutes after the restart it was the visitors who won a penalty. In virtually the same spot as Palace's award, Ameobi was brought down by a combination of Zeki Fryers and Paddy McCarthy and Riviere coolly dispatched the ball down the middle.
Looking for a response, Gayle again went close just before the hour mark when he went around Coloccini with ease and took aim but the ball flashed over the crossbar, but moments later Armstrong saw a similar attempt deflect wide of the mark as Newcastle aimed to kill the tie off.
With 20 minutes to go there was an emotional return for Andrew Johnson when he came on to make his first Palace appearance in eight years, and minutes later his side were almost level again when a teasing free-kick by Bannan was headed onto the outside of the post by Gayle.
Late on Hennessey was forced into a flying save when Armstrong controlled the ball 30 yards out and smashed towards goal but the giant Welshman managed to push the ball away from his top corner, and that proved pivotal as in injury-time Kaikai volleyed Adrian Mariappa's cross at Elliot who blocked it but the teenage winger hammered home the rebound to send the tie into extra-time.
Having survived in the competition by the skin of their teeth, Palace then found themselves with a great chance to progress when Abeid was sent-off for a second bookable offence after bringing down Zaha, and Gayle's driven free-kick was once again fractions off target.
The hitman then found the back of the net again in the second period of extra-time when he controlled Zaha's cross and knocked the ball home but was rightly adjudged to be offside, but 60 seconds later a fine cross by Armstrong was met by the diving Dummett to put the Magpies back in front.
With two minutes remaining Mariappa nearly sent it to penalties when he met a Jake Gay cross, but Elliot made an incredible point-blank save to knock the Eagles out of the competition.
Palace: Hennessey, Mariappa, McCarthy (Gray 89), Hangeland, Fryers, Zaha, Guedioura, Williams (Kaikai 79), Bannan, Doyle (Johnson 71), Gayle. Subs not used: Price, Ward, Ramage, Kelly.
Newcastle: Elliot, Janmaat (Haidara 46), Taylor, Coloccini, Dummett, Colback, Abeid, Ameobi (Sissoko 66), Obertan, Armstrong, Riviere (Perez 80). Subs not used: Alnwick, Anita, Cabella, Ferreyra.