The Frenchman netted either side of half-time to hand the visitors the initiative twice, but they were forced to settle for a point as Miroslav Djukic's men showed great resolve
Antoine Griezmann was in inspirational form for Los Txuriurdin at the Municipal Jose Zorrilla, scoring either side of the interval to put his team in command, but the hosts had a protagonist of their own in Patrick Ebert, who equalised and assisted Oscar for a share of the spoils.
Valladolid began the game looking most likely to break the deadlock, with the former Hertha Berlin midfielder dictating much of the play in the early stages, but arguably against the run of play, Griezmann took full advantage of a loose corner in the box on 35 minutes.
However, on the shade of half-time, Ebert made his first important contribution to the match with a powerful right-footed drive on the edge of the box to put the fixture firmly on a knife edge with just the second period left to play out.
It seemed Philippe Montanier's troops had learned from their inefficiencies displayed at the beginning of the match with a much-improved restart, and the talismanic French winger again looked likeliest to score for Real, despite seeing a strike crash off the bar.
But fortunately for Griezmann, he then succeeded with a fine left-footed effort from distance to restore the Basques' lead. Yet their poor form on the road was exposed once more as Ebert found Oscar, who headed in for a point apiece with 15 minutes left.
The result leaves Real in 14th place, while Valladolid move up to 11th in the Primera Division standings after nine rounds of fixtures.