Sheringham was in the right place at the right time to grab his ninth goal of the league campaign and, with another England friendly just around the corner, further boost his World Cup claims.
But that will mean little to our captain fantastic after Pearce smashed an unstoppable shot into the top corner from 20 yards to rescue a point for the visitors.
The first half of out 14th anf final derby of the season was a patchy affair, occasionally illuminated by a spark of exciting forward play at either end.
It took eight minutes for the first effort on goal as Kanoute's dummy released Defoe whose fierce drive went straight at Keller.
West Ham had another half-chance after 15 minutes when a ball into the box from Schemmel caused some confusion and Kanoute's attempted looping header didn't have enough power to carry over Keller.
Davies was enjoying his afternoon down the right flank and, having beaten out-of-sorts Labant for the third time in as many minutes, floated over a deep cross that Ziege headed over. Sheringham's snapshot went straight down James' throat two minutes later.
The lively Defoe then hit the byline and crossed low only for Kanoute to stab the ball wide from close range.
Sheringham went close twice in quick succession from Anderton corners but with play mainly flitting from box to box, the final chance of the half fell to Defoe, who was onto the loose ball in a flash when we failed to clear Labant's ball in but Keller got down well to save low.
Iversen replaced Rebrov at the interval and made an impact just seven minutes into the half.
The Norwegian striker played a huge part in the opening goal which inititally started when Keller claimeed Carrick's free-kick and threw quickly to Davies, who sprinted away. That run was brought to a halt by Repka but Davies picked up the loose ball, picked out Iversen with the pass of the game, his shot was saved by James but Sheringham despatched the rebound.
Two minutes later and it was almost deja-vu as James parried Davies' low shot but was up quickly to block Sheringham's follow up.
Hammers looked dangerous on the counter the defence looked in control and the visitors failed to seriously test Keller.
At the other end, Iversen's delightful chipped pass from the touchline found Sherwood breaking into the box and he had time to control on his chest and volley from 10 yards only for James to save with his foot.
With little joy in and around the box, Sinclair tried his luck from distance and his tremendous dipping volley from 30 yards after 77 minutes landed inches over.
Poyet then produced a carbon copy effort of his own, again dipping just over.Lomas was a fraction away from Carrick's free-kick with nine minutes left and Gardner skied a volley over from Anderton's free-kick a minute later.
Gary Doherty returned to the fray after seven months away to a rousing reception with six minutes left for the injured Ziege.
But he and no-one else could do anything about Pearce's equaliser.
Teddy Sheringham's fourth goal in five games wasn't enough to nail the Hammers as Ian Pearce's blockbuster two minutes from time made it honours even at the Lane.