The home side started brightly and were in front after just eight minutes through an unfortunate own goal.
Paul Keegan whipped in the corner from the left and it struck the back of Sligo Rovers centre-half Kyle McFadden and ended up in the back of the net.
Waterford striker Courtney Duffus saw his effort blocked midway through the half before the visitors created a good chance of their own.
Rhys McCabe sent in the free kick to find Eduardo Pinceli and his overhead kick forced Waterford keeper Vigouroux into a save.
Waterford’s Faysel Kasmi was next to threaten for Waterford but he couldn’t get his header on target, before the visitors had a chance to level on 44 minutes when Pinceli and McCabe combined to set up Alex Wixted, but he fired wide.
Sligo Rovers did equalise in the third added minute of the half when Pinceli whipped in the corner from the right and it was Raffaele Cretaro that sent his header beyond Waterford keeper Lawrence Vigouroux.
Courtney Duffus had two chances to put the Blues back in front on the hour mark when his first effort was superbly blocked by Pinceli before a goal-line clearance from John Mahon denied the striker.
The game looked to swing in Waterford’s favour after Rovers captain Kyle McFadden was sent off after picking up a second yellow card on 71 minutes.
Refeee Robert Harvey issued his second red of the night three minutes later when David Webster was shown a straight red card after an off the ball clash with Jack Keaney.
Duffus had the final chance of the game late on when he cracked in a shot from the edge of the penalty area but his effort flew over the crossbar of Rovers keeper Mitchell Beeney as the game finished in a draw.
Vigouroux, Comerford, Browne, Webster, Daly; Aborah (Feely ’85), Keegan, Hery, Kasmi (Holohan 63); Duffus, Akinade (O’Halloran ’85)
Beeney, Waters, McClean (Donelon 46), McFadden, Mahon, Boylan (Wixted 38), McCabe, Keaney, Pinceli, Moorhouse, Cretaro (McAleer 68)
Robert Harvey (Dublin).