This latest north London derby looked to be going nowhere until referee Mark Halsey awarded us a penalty after Poyet collided with Seaman with 10 minutes left.
Sheringham banged in the penalty but our joy was short lived as Mr Halsey pointed to the spot again minutes later as Richards and Henry tumbled over together in the box.
It was left to Lauren to roll the ball home and win the game.
The first half started promisingly but after Ziege's free-kick caused alert in the home defence and Seaman gathered Poyet's awkward volley, it turned into a rather one-sided affair.
Ljungberg was a constant threat and had already brought the best out of Perry, a superb tackle as he bore down on Keller, when he opened the scoring after 23 minutes.
The warning signs were there as Bergkamp fed the Swedish international who forced the save of the half from Keller but Edu kept the move alive, Bergkamp threaded the ball through and Ljungberg made no mistake this time, sliding home into the bottom corner.
Keller was back in action on the half-hour, this time at full stretch to deny Bergkamp's curler and it took some gritty defending, most notably from Perry, to keep the Dutchman, Ljungberg and particularly Henry at bay for the rest of the half.
Glenn Hoddle made changes at half-time. Davies came on for King as we re-introduced the wing-back system with Ziege and Davies taking up wing-back roles.
Arsenal should have doubled their lead five minutes into the second half as Ljungberg capitalised on Perry's slip, burst into the box but appeared to get caught between a curler and cross for Henry and did neither.
Rebrov soon entered the fray as Steffen Iversen, who appeared injured in a challenge with Seaman just before the break, limped down the tunnel.
The tactical switch certainly led to a greater share of possession and Davies' pace was a threat down the right but chances remained at a premium.
In fact, as play became more patchy, the next notable action didn't arrive until Luzhny attempted to catch Keller unaware from the left flank but the keeper saved comfortably.
Then the game came to life again. It all started in the 80th minute when Poyet met Rebrov's pass at the same time as Seaman. There appeared minimal contact and both sets of fans were left hanging for a couple of seconds before realising that referee Mark Halsey was pointing to the spot, not for a goal kick.
Up stepped Sheringham, the coolest head in Highbury, to smash the ball into the corner.
But it took just two minutes for Gunners to strike back.
A hopeful ball went into the box, Henry and Richards both went to ground and Mr Halsey, only a few feet away, happily pointed to the spot.
With Henry off after receiving treatment, it was left to Lauren to roll the ball down the centre of the goal for the winner.
What looked a hard-earned point was taken away in a tale of two penalties at Highbury.