Gunners boss Unai Emery made three changes to the side beaten 3-1 at Liverpool last time out, with Alexandre Lacazette, Lucas Torreira and Sead Kolasinac handed starts in place of Joe Willock, Dani Ceballos and Nacho Monreal.
Spurs showed two alterations to the team 1-0 at home to Newcastle United, with Christian Eriksen and Jan Vertonghen replacing Lucas Moura and Kyle Walker-Peters.
Within the first minute the hosts threatened as Nicolas Pepe smacked a shot narrowly over from the edge of the penalty area.
However, with ten minutes on the clock it was Spurs who took the lead as a quick counter-attack ended with Bernd Leno parrying a low Erik Lamela drive straight into the path of the onrushing Eriksen, who slotted home from six yards out.
Seven minutes later Leno redeemed himself with a fine finger-tip save to deny Heung-min Son, while at the other end Danny Rose made a crucial interception to block a Pepe header.
Following a period of Arsenal domination Harry Kane tested Leno with a raking, low drive from 20 yards, before the home keeper pushed away a curling Eriksen free-kick.
Granit Xhaka then conceded a penalty with a late lunge on Son and Kane duly dispatched the resulting spot-kick to double the lead.
However, right on the stroke of half-time the ever-willing Lacazette lashed home from close range to halve the deficit and give the hosts hope for the second period.
Early in the second half a deflected effort from Son forced yet another fine save from Leno, before Spurs keeper Hugo Lloris did likewise to deny Matteo Guendouzi at the other end of the pitch.
Kane then smacked a shot against the far post with Leno rooted to the spot, before substitute Dani Ceballos extended Lloris with a swerving 25-yard shot.
With 20 minutes remaining it was 2-2 as Guendouzi lifted the ball into the area and Aubameyang stole in to stick out his right foot and deflect the ball past the stranded Lloris.
The Gunners then piled on the pressure as time ticked away, but neither side could find a winner as an enthralling derby contest ended all square.