Goals from Lewis Grabban, Jordon Ibe and Dan Gosling looked set to be enough to ensure the Cherries came out on top.
However, a late strike from substitute Adam May meant that it ended honours even at Fratton Park.
It was the home side that took the lead after just four minutes. Gary Roberts raced in behind and onto a Carl Baker through ball before then slotting calmly past Adam Federici from close range.
Roberts and Baker were looking threatening and linked up once again on the 20-minute mark. A swift one-two on the right flank allowed the Pompey frontman space to curl an effort at goal, but it fell narrowly wide of the left post.
AFC Bournemouth then equalised five minutes later. Lewis Cook sent Ryan Fraser bursting into the right side of the penalty area before the Scot then cut the ball back for the onrushing Lewis Grabban to finish high into the Portsmouth net.
In a matter of moments, however, the hosts had restored their lead. Enda Stevens’ strike was deflected into the path of Michael Smith and he supplied a simple finish past Federici to complete the scoring for the first half.
Eddie Howe made a number of changes at the break, as Shaun MacDonald, Dan Gosling, Jordon Ibe, Lys Mousset and Joshua King were all introduced.
King soon had the ball in the net. The striker pulled a deflected shot into his path after 50 minuets and dinked the goalkeeper with a smart finish, but was denied by the offside flag.
Roberts continued the second half well for the hosts and substitute Noel Hunt almost headed home one of the striker's teasing crosses, but Federici was down well to beat his effort away.
With twenty minutes to play, AFC Bournemouth levelled proceedings. Ibe skipped in from the right flank and past two defenders before rifling a strike low into the bottom corner and past Alex Bass in the Portsmouth goal.
Again the hosts very nearly immediately restored their lead. Hunt charged down a clearance from Federici and then attempted to finish from a tight angle, but the Australian stopper recovered well to save.
On the 79th minute the Cherries took the lead for the first time. Good work from Wiggins down the left flank allowed the defender to burst into the penalty area, where he cut the ball back and Gosling was left with a simply tap in at the back post.
That looked set to be enough to secure victory for AFC Bournemouth. However, on the 88th minute Adam May poked home after a scramble inside the Cherries box to ensure it ended honours even at Fratton Park.
Cherries XI: Federici, O’Kane, Francis, Daniels, Wiggins (Butcher, 83), Fraser (MacDonald, 45), Cook (Gosling, 45), Arter, Pugh (Ibe, 45), Grabban (Mousset, 45), Wilson (King, 45)
Substitutes: Stanton, Travers, Cornick, Butcher, Jordan, Harfield, Buckley, Lee.
Portsmouth XI: Bass, Talbot (May, 80), Stevens (Haunstrup, 78) , Rose (Hunt, 61), Whatmough (Davies, 78) , Burgess (Barton, 78), Baker (Oxlade-Chamerlain, 79), Doyle (Close, 69), Smith (Main, 61), Lalkovic (Linganzi, 51), Roberts (Tollit, 79).
Substitutes: Kanopka, Chaplin, Bennett.
Attendance: 5,153 (531)