The draw sees Rise and Shine remain 15th on the league standings with five points from seven matches. The Buccaneers also remain fourth on the table with 12 points from seven games.
Abbubaker Mobara, who was captaining the Buccaneers for the first time this season, made his return to the starting line-up replacing fellow defender-come-midfielder Thabo Matlaba.
Pirates were looking to bounce back to winning ways after succumbing to their first defeat of the season at the hands of Bidvest Wits, who won 1-0 in a league match in Braamfontein last weekend.
Bucs took on a Polokwane side which had registered four consecutive defeats in the league - having lost 1-0 to Cape Town City in their last match in the Mother City last week Friday.
Polokwane coach Bernard Molekwa has been under pressure lately due to the team's poor results with his side leaking goals at an alarming rate.
The hosts' defence was exposed a few minutes into the game with Pirates striker Thamsanqa Gabuza getting behind the backline, but he was brillliantly denied by Polokwane goalkeeper Harold Ndlovu.
The shot-stopper was the busier of the two keepers as he also denied Mpho Makola from a well-taken free-kick as Pirates continued to attack with purpose.
Gabuza, who has come underfire for his missed chances, was able to get himself into scoring positions, but the marksman could not hit the back of the net.
Polokwane striker Puleng Tlolane had a rare chance towards the half-time break and he placed his effort over the crossbar without troubling Pirates keeper Wayne Sandilands.
The score was 0-0 at the interval with Pirates having dominated the first half. However, Milutin Sredojevic's men had not turned their possession into a goal.
The half time team talk with Serbian coach Sredojevic did Pirates a world of good as they finally managed to break the deadlock a few minutes after the restart.
This was after Makola combined brilliantly with Thembinkosi Lorch, who then set-up Gabuza and the frontman scored with an easy tap in to make it 1-0 to Pirates in the 50th minute.
The momentum was with the Buccaneers with former Lamontville Golden Arrows forward Gabuza causing havoc in the Rise and Shine defence.
Since last season, the visitors have been relying on Rodney Ramagalela for goals and the hard-working striker came to his side's rescue once again.
But this time, Ramagalela was the creator as he played a good cross for Rendani Ndou , who headed past a hapless Sandilands to make it 1-1 just after the hour-mark.
The match had opened up with the two sides now attacking each other in search of more goals and it was Polokwane, who scored the next goal through their talisman Ramagalela .
The 28-year-old frontman beat his former Mamelodi Sundowns team-mate Sandilands with a good finish to make it 2-1 with the match entering its final stages.
Sredojevic introduced Zambian striker Justin Shonga, who joined the club this week, but the 20-year-old missed a glorious opportunity from close range on his competitive debut.
However, Gabuza saved Bucs' blushes as he snatched a late equalizer - heading past Ndlovu to ensure that the game ended in a 2-2 draw.