Goals from Jamie O'Hara and Simon Dawkins put us in the driving seat in the first half but a host of chances went begging to put the issue beyond doubt.
Instead, the visitors hit back six minutes into the second half and when they added a second via Merida Perez's free-kick after 64 minutes, the game could have gone either way - perhaps a draw was fair in the end.
Arsenal popped the ball around quite impressively in the early stages but O'Hara and Kieran McKenna were always there to break play up. Indeed, an O'Hara tackle got on us the front foot in the seventh minute - Connolly forced into a last-ditch tackle on Maghoma - and it stayed that way for the rest of the half.
We took the lead after 13 minutes when Garry hauled down McKenna and O'Hara calmly slotted into the bottom right corner with Butcher diving the other way.
Charlie Lee had the next chance, heading wide after O'Hara spotted him pull away at the far post but the second goal wasn't long in arriving.
A lot of credit has to go to Andy Barcham, who chased down Garry's back pass and hurried Butcher into a poor clearance straight to Dawkins and the striker controlled, skipped past the keeper and slotted home.
Daniels fizzed a cross across the face of goal, Fulop saved at Simpson's feet and Butcher palmed away superbly low to his right to deny Barcham as the game continued at a frenzied pace until the interval.
That pace didn't let up in the second half as we went searching for crucial third goal. Barcham, Dawkins and Jamie Davis all had chances to add to the lead on for the Gunners to turn the game on its head with 51 minutes on the clock.
In what would prove a successful tactic for the remainder of the game, O'Cearuill drove a long pass from his own half over the top for Barazite and the striker stepped inside Mils' sliding tackle before finishing past Fulop.
Rather than rock us back, we created two more chances within minutes as Dawkins lashed wide under pressure and Barcham diverted Ifil's cross over.
But it was Arsenal that struck the crucial next blow - Merida Perez taking aim from 30 yards and planting a free-kick past Fulop.
O'Cearuill's long pass signalled danger again after 69 minutes but Fulop's fine save took the pace off Simpson's shot and allowed Mills to race back and hack off the line.
Once again we hit back as the sides continued to slug it out. Substitute Tomas Pekhart rose well to meet Maghoma's cross but didn't get enough on the header and Barcham showed a wonderful turn of pace to burst from half-way into the box only for Garry to arrive in the nick of time and block his shot.
Simpson's pace opened us up twice more without Fulop being tested and five minutes of added time failed to find a winner.
THE KEY ACTION...
7mins: O'Hara broke play up in central midfield, Dawkins took over and released Maghoma, great recovering tackle from Connolly as he prepared to pull the trigger.
13mins: PENALTY/GOAL - SPURS. McKenna hauled down by Garry in a scramble in the box, O'Hara slotted penalty into the corner, sending Butcher the wrong way.
Spurs 1, Arsenal 0
15mins: O'Hara won 50-50 with Traore and headed towards the box, had men over square but tried to beat Garry, who made fine tackle this time.
17mins: CHANCE. O'Hara took free-kick early from left touchline, picking out Lee in plenty of space at far post, had time but placed downward header well wide.
21mins: Arsenal's first effort of note as Randall struck cleanly from 20 yards, Fulop behind it all the way for comfortable save.
22mins: GOAL - SPURS. Barcham chased down Garry's backpass to Butcher and the keeper's clearance went straight to Dawkins, 25 yards out, he controlled, skipper past Butcher and rolled home.
Spurs 2, Arsenal 0
32mins: Great defending from Lee and then a fine pass over the top to Daniels down the left wing, he hit the byline and drove across goal, Barcham desperately tried to make it at the far post but too much power on the ball.
36mins: Fulop out in a flash as Simpson tried to latch onto Randall's pass.
37mins: SAVE. Dawkins onto Garry's mistake, prodded through to Barcham who had clear sight of goal 16 yards out, went for bottom corner but Butcher made fine save low to his right.
43mins: CLOSE. Garry powered header just wide from Randall's free-kick.
Half-time: Spurs 2, Arsenal 0
47mins: Davis cut ball back from right touchline for Barcham who controlled with his back to goal, spun but couldn't get enough on shot to trouble Butcher.
48mins: O'Hara played Dawkins through the middle, shot wide.
49mins: Daniels won tackle and sent O'Hara away, he fed in Davis inside his full-back, low shot gathered by Butcher at near post.
51mins: GOAL - ARSENAL. Connolly hit searching pass from right-back area to Barazite, through on goal, stepped inside Mills' last-ditch tackle and finished via a deflection into top corner.
Spurs 1, Arsenal 2
53mins: CHANCE. Maghoma played low pass into Dawkins who had to take chance quickly and lashed wide from 10 yards.
57mins: CHANCE. O'Hara spread play wide to Davis, he rolled it into Ifil on the overlap, low cross volleyed over by Barcham from six yards.
64mins: GOAL - ARSENAL. Merida Perez curled home free-kick from 30 yards.
Spurs 2, Arsenal 2
69mins: SAVE/OFF LINE. Another long pass from O'Cearuill caused problems, Simpson onto it, Fulop hesitated slightly but made fine save and took enough pace off the ball for Mills to hack off the line.
74mins: McKenna sprayed ball wide to Maghoma, he beat Connolley and clipped cross to far post, Pekhart won it but couldn't get enough power on header to trouble Butcher.
76mins: Maghoma intercepted pass near own area, fed into Barcham's feet, he spun away from O'Cearuill on half-way and sped away from Traore, into box, shot blocked by Garry.
82mins: Great vision from O'Hara to pick out McKenna, he twisted and turned in box and appeared to be clipped as he went for shot, nothing awarded and not too many complaints.
83mins: Simpson curled half-chance wide.
88mins: Simpson onto another ball over the top, completely fluffed shot.
Full-time: Spurs 2, Arsenal 2
Spurs: Fulop, Ifil, Daniels, McKenna, Lee, Mills, Davis (Lewis, 61), O'Hara, Barcham, Dawkins (Pekhart, 61), Maghoma. Subs: Dervite, Stroud, Hughton.
Arsenal: Butcher, Connolly, Traore (Rodgers, 76), Merida Perez, O'Cearuill, Garry, Van Den Berg (Dunne, 82), Randall, Simpson, Barazite (Ogogo, 82), Efrem. Subs: Szczensny, Hoyte.
It was honours even after a barnstorming reserve derby against Arsenal ended 2-2 at Stevenage Borough on Monday night.