London should have won but the inability of their forwards to capitalise on plentiful possession cost them both points.
They should have had a goal as early as the opening minute but the crossbar denied Padraig McGoldick after a bad goalkeeping blunder by Kieran Cotter.
Waterford then eased into a 0-5 to 0-2 lead by the 23rd minute, but a brace of Lloyd Colfer points and another superb one by Lorcan Mulvey had London level at 0-5 each at the break.
Waterford had the accuracy of Mark Ferncombe to thank as his 66th minute effort secured a share of the spoils.
Scorers for Waterford: M. Ferncombe (0-6, 0-3 frees); S. O’Hare (45’), JJ. Hutchinson, S. Fleming (0-1) each.
Scorers for London: L. Colfer (0-3); K. O’Leary(0-2); L. Mulvey, P. McGoldrick, S. McVeigh, S, Kelly (0-1) each.
WATERFORD: K. Cotter; A. Doyle, M. O’Gorman, K. Connery; T. Grey, E. Walsh, McGrath; S. Dempsey, S. O’Hare; C. McGrath, L. O’Lionain, C. O’Keeffe; M. Ferncombe, S. Fleming, JJ Hutchinson.
Subs: W. Hennessey for McGrath (ht); J. Veale for O’Lionain (51); P. Hurney for O’Keeffe (56); G. Nugent for Hutchinson (60).
LONDON: E. Byrne; P. Sherry, S. McVeigh, D. McGreevy; T. Gaughan, S. Mulligan, K. O’Leary; P. Finn, L. Mulvey; C. McCallion, S. Doolan, G. Crowley; P. McGoldrick, M. Gottsche, L. Colfer.
Subs: S. Hannon for Crowley (45); S. Kelly for McCallion (47); A. Moyles for Finn (60); J. Scanlon for Gaughan (64); A. Rafferty for Doolan (69).
Referee: Keith O’Brien (Tipperary).