The points were shared in an entertaining clash at Central Park with the Blue Brazil giving as good as they got against the Bairns.
Falkirk twice fought back and in the end they could have won it but that would have been tough on the hosts.
Cowdenbeath manager Jimmy Nicholl was a wee bit disappointed not to get all three points.
He said, “We were twice ahead and twice we were hauled back, but I suppose before the start I would have taken a point.
“We bounced back brilliantly after they made it 1-1 and grabbed the second at a key time, but maybe we started to get too confident and went looking for a third and got caught again.
“At the end of the day, we competed well with a very good team and maintained our excellent record at Central Park this year.”
Falkirk manager Peter Houston felt his side played very well but was unhappy at the two goals they conceded.
“In the first-half we had the bulk of possession and created some decent openings but then lost a goal through slack work at the back,” he said.
“Then we get a great equaliser from Rory Loy but make another bad error to let Cowden take the lead again.
“To the lads’ credit they kept making chances and scored a nice equaliser and then could have won it in the closing five minutes.
“This is no easy place to come, so at the end of the day it is a point and as I have said before, there will be no easy games in this division.”
Falkirk had the first shot at goal in three minutes when Rory Loy tried his luck from all of 25 yards but it was blocked by a brave challenge from home skipper John Armstrong then five minutes later a fine Blair Alston pass set up Alan Maybury in the Cowden box and his low shot was turned past the post by Dean Brett.
In 17 minutes a fierce 25 yard shot by Alston was palmed away for a corner by home ‘keeper Thomas Flynn.
The hosts had a great chance in 24 minutes when Sean Higgins got clean through but his 18 yard drive was straight at Jamie MacDonald who parried the ball clear.
In 35 minutes Cowdenbeath went ahead. The ball was played into space just inside the Bairns box and Lewis Milne made an expert job of firing the ball wide of MacDonald from 10 yards.
The Bairns started the second-half well and levelled in 47 minutes when a long ball from Alan Maybury went to Loy and he brilliantly beat Dean Brett before curling the ball over Flynn from the edge of the box.
But the equality lasted only nine minutes when the Falkirk defence got in a right fankle and Higgins kept his cool to cleverly lift the ball past MacDonald to put the Fifers ahead again.
The Bairns went forward in good numbers and it took good work by Flynn to deny Tom Taiwo.
However, the equaliser came with 15 minutes left.
Liam Dick did the spadework and sub Botti Bai-Bi was perfectly placed to clip the ball past Flynn from close in.
Falkirk kept working, looking for a winner and with seconds left Loy saw his 30 yarder well held by Flynn.
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