The on-loan Barcelona starlet produced a decisive cameo from the substitute's bench to snatch a point for the Toffees after Mesut Ozil looked to have secured a huge win.
Gerard Deulofeu struck late to cancel out Mesut Ozil's 80th-minute opener and ensure Roberto Martinez's men return to Merseyside with a deserved point.
Tim Howard had made good saves to deny Olivier Giroud and Aaron Ramsey in the first half but Arsenal found clear chances hard to come by after the break, until both sides played their part in the late drama.
|VIEW FROM THE EMIRATES STADIUM
|By Ewan Roberts
For the third successive game, Arsenal and Everton draw a Premier League match, but this one was full of drama and played at a frenetic pace. The Toffees took control in the first half but were pegged back in the second period, with Mesut Ozil's late goal appearing to have sunk Roberto Martinez's plucky men.
That was until Gerard Deulofeu came off the bench to rifle a scorching shot past Wojciech Szczesny to ensure the spoils were shared in north London.
Neither side deserved to lose and Everton was particularly impressive, the team's exciting young attacking talents working harmoniously with the defensive stalwarts.
Arsenal extend its lead at the top, but only by a point, while Everton must be taken seriously as a Champions League contender.
Everton was unchanged and carried on where it left off against Manchester United on Wednesday, dominating the early stages with its short, sharp passing.
For all Everton's superiority, the club did not muster a clear-cut chance, with Ross Barkley, Sylvain Distin and Kevin Mirallas all failing to hit the target from their side's most promising forays forward.
Kieran Gibbs came agonizingly close to connecting with a teasing Santi Cazorla cross at the other end in the 27th minute.
Arsenal finally awoke from its slumber in the final five minutes of the first half, and Everton goalkeeper Tim Howard was forced to rush off his line to initially save from Giroud before also denying Ramsey.
The second half saw far more chances on goal, with Cazorla first to go close when he headed straight at Howard after a clever Wilshere flick.
Steven Pienaar - set free by a Barkley back heel - then forced Szczesny into a flying save, before an acrobatic Ramsey volley, that looked to be creeping in, was kept out by Howard.
Barkley shot at Szczesny as the final 20 minutes approached, while Arsenal manager Wenger opted to make a triple substitution, introducing Theo Walcott, Tomas Rosicky and Mathieu Flamini as he went for victory.
Flamini almost had an immediate impact, shooting just wide, before Mirallas and Distin went close for Everton.
Ozil gave Arsenal the lead when he converted a Walcott knockdown from a Rosicky cross, but the home side was in front for just four minutes as Barkley's run and Bryan Oviedo's cross set up Deulofeu, who produced a powerful finish.
Flamini and Romelu Lukaku had late chances before Giroud struck the crossbar with a sensational strike at the death, but the two sides could not be separated.