The Israel international striker's late penalty cancelled out Adil Rami's first-half goal as Unai Emery’s side lost ground on the pace-setters at the top of the Primera Division
The opening goal of the game was scored by French international Adil Rami who scrambled the ball past Dudu Aouate seven minutes before the half-time whistle. However, following Mehmet Topal's handball in the box, Hemed converted a 93rd minute penalty to salvage a point for the Islanders.
Unai Emery's side will be disappointed to let the victory slip in such dramatic fashion as a win would have taken them provisionally up to second in La Liga.
The away side made a lively start and came within whiskers of opening the scoring in the opening minute. Rami's headed flick-on from a Dani Parejo corner fell to an unmarked Pablo Piatti at the back post but the former Almeria man screwed his volley wide from three yards out.
Emery's team continued to press for the first goal of the game and were ahead in the 38th minute. Parejo's corner found Victor Ruiz, who saw his effort blocked by the Mallorca defence before Rami swept the ball home from close range for his second Valencia goal to give his side an important half-time lead.
Mallorca started the second-half brightly and saw plenty of the ball yet Valencia's defence looked solid throughout as Rami and Ruiz consistently mopped up any danger.
The Islanders continued to press for the equaliser but in truth, it was Valencia who continued to look the likelier to score the second goal of the game.
However, there was to be late drama when Mallorca snatched a late equaliser. The referee adjudged that Mehmet Topal controlled the ball with his hand inside the box and a penalty was awarded in the 92nd minute. Tomer Hemed stepped up to coolly send the goalkeeper the wrong way to earn a draw.
The draw was only good enough to see Valencia temporarily move up to fourth in the table ahead of their trip to Germany on Wednesday where they face Bayer Leverkusen in the Champions League. Mallorca, meanwhile, are in action against Atletico Madrid next Sunday in La Liga.