The main talking point in the opening period came just before half time when Ajax influential midfielder Rafael van de Vaart was sent off for foul and abusive language.
The second half started more promisingly and Mark van Bommel opened the scoring for PSV just 60 seconds in.
Despite being down to ten men, Ajax managed to equalise on just before the hour mark when Belgian star Wesley Sonck (pictured) finished well.
PSV quickly regained the lead when John de Jong hit home in the 69th minute, but Ajax battled back with ten men and Zlatan Ibrahimovic levelled the scores with his seventh goal of the season.
The point means Ajax return to the top of the table ahead of AZ Alkmaar on goal difference, while PSV remain third.
Feyenoord moved up to fourth following their 2-1 win against Willem II.
The home side went 1-0 up when Antony Lurling put the home side ahead in the first half.
A frenetic finish saw former West Brom midfielder James Quinn grabbing an equaliser for Willem II in the 87th minute, only for Feyenoord's Thomas Buffel to score the winner in the last minute.
Third from bottom FC Utrecht had to settle for a 2-2 draw away at FC Twente having been 2-0 ahead through two Hans van der Haar goals either side of half time.
However, FC Twente grabbed one back through Kim Christensen in the 76 minute to set up another storming finale - which saw Adil Ramzi grab the equaliser and a share of the spoils.
Click below for match summaries:
FC Twente 2-2 FC Utrecht
Feyenoord 2-1 Willem II
PSV 2-2 Ajax
