Dave Baikie's first game in charge of Cowdenbeath brought about their first away point of the season after a fighting performance at Ochilview.
It looked bleak for the Fifers in the early stages when ex-Cowdenbeath player David McInally opened the scoring for the Warriors in the fifth minute of the game when his long-range shot deceived Andy Carlin and landed in the net.
Dene Shield equalised with Cowden's first real attack when Dene Shields rifled a shot past Willie McCulloch from 25 yards.
The home side took the lead once again through an expected source when Martin Lauchlan headed home his first headed goal of his career.
The Warriors were the more composed side during the first period but were unable to extend the lead before the break.
Almost immediately after the resumption Paul McHale equalised for the Fifers once again and as the game progressed they looked the more threatening team but were unable to get back home custodian Willie McCulloch who denied Andy Campbell and Shields with a couple of fine saves.
The draw continues Stenhousemuir's poor home form which hinders any thoughts that they may have of promotion at this early stage of the season.