Fraizer Campbell came back to haunt his former club as he netted late on to grab a share of the spoils at the KCOM Stadium.
The Eagles were involved in yet another goalfest which began when Robert Snodgrass converted a soft penalty award in the first half, but Christian Benteke would score his own from 12 yards before a brilliant effort from Wilfried Zaha put Palace ahead.
However two goals in the space of six minutes from Adama Diomande and Jake Livemore put the hosts back ahead, before Campbell nodded in a Zaha cross with a minute remaining to grab a share of the spoils.
Palace began on top and after a tame Benteke header and a 35-yarder from Jason Puncheon failed to test David Marshall, Zaha tricked his way into the box five minutes in and forced the Tigers goalkeeper into a good save to prevent the ball nestling into the bottom corner.
Puncheon followed a similar path after the resulting corner was cleared but shot straight at Marshall, but the Tigers showed that they could create chances of their own when Diomande went one-on-one with Wayne Hennessey but the Welshman stayed big and managed to block the attempt.
But on 25 minutes they took the lead in very controversial circumstances. Snodgrass went down under a challenge from Scott Dann and despite there being no contact between the players whatsoever Hull were awarded a penalty, which the Scottish international slammed into the net, sending Hennessey the wrong way from 12 yards.
Feeling aggrieved by the injustice, Palace struggled to regroup and with a lead to protect Hull didn’t offer much in the final third meaning the rest of the first half was a tame affair, but six minutes into the second half the visitors won a penalty when Zaha was tripped as he turned away from Snodgrass, and Benteke made no mistake from the spot as he rolled the ball into the opposite corner from Marshall’s dive.
That breathed life back into the game and Hennessey was forced into a low save to deny Diomande around the hour mark, and eight minutes later Puncheon took aim from the edge of the box but Marshall managed to push it around his post for a corner.
But soon after the Eagles managed get in front in fine style. Zaha picked up the ball 25 yards out and drove into the area, teased his way past a couple of defenders to secure the yard of space he needed to pull the trigger, and thumped a piledriver past a shell-shocked Marshall who was beaten at his near post.
However the joy was short-lived as Hull found an instant reply just two minutes later. Harry Maguire played the ball into the feet of Diomande who produced a good piece of skill to get past Dann and tuck the ball into the bottom corner, beating a helpless Hennessey to restore parity once again.
And the tops-turvy encounter took another turn on 78 minutes when Hull got back in front. Livermore received possession on the right hand side and managed to ghost into the box before firing past the Palace keeper and putting his side back in front.
Having been rocked a fortnight ago by two quickfire goals at Swansea, Palace could have rocked but instead Alan Pardew threw on Campbell for the final 10 minutes, and his substitute repaid his faith when Zaha provided yet another assist by whipping in a beautiful cross that the former Tiger nodded into the net to score his first of the campaign and salvage a point for the Eagles.
Hull City: Marshall, Elmohamady, Maguire, Dawson, Davies, Robertson, Livermore, Clucas (Henriksen 90), Huddlestone, Snodgrass, Diomande. Subs not used: Jakupovic, Weir, Mason, Meyler, Maloney, Bowen.
Palace: Hennessey, Ward, Dann, Delaney, Kelly (Campbell 80), Ledley, McArthur (Cabaye 71), Zaha, Puncheon, Townsend (Fryers 45), C. Benteke. Subs not used: Speroni, Phillips, Flamini, Lee.