Nigel Adkins picked up his first points as the Royals manager thanks largely to a world-class performance from his goalkeeper and some poor finishing from the Reds
A series of remarkable saves from Alex McCarthy denied Liverpool what looked like an inevitable first-half goal and neither side managed to find the breakthrough in a more balanced second period either, with the Reading goalkeeper once again in heroic form.
McCarthy made his first start for the Royals since November while Adam Le Fondre once again started on among the substitutes. Jamier Carragher and Jordan Henderson started for Brendan Rodgers' side with Martin Skrtel and Stewart Downing dropping down to the bench.
The match was preceded by a well-observed minute's silence in memory of the 96 Liverpool fans who tragically lost their lives at Hillsbrough 24 years ago.
The first half was dominated by Brendan Rodgers' side with the Royals the architects of the their own downfall.
Chris Gunter's goal-line clearance kept the scores level in the 14th minute after Suarez's clever dink over the onrushing McCarthy looked to have opened the scoring.
The Uruguayan then turned provider, threading through Daniel Sturridge during a rapid Liverpool counterattack but McCarthy managed to parry the Englishman's shot before also getting a hand on Phillippe Coutinho's effort from the rebound.
The Royals shot-stopper continued to excel, keeping the Reds out with a series of fine stops with Adrian Mariappa also making a crucial block from a Steven Gerrard effort.
Adkins' men continued to be sloppy in possession but Coutinho, Jordan Henderson and Gerrard all failed to capitalise on their mistakes, a combination of poor finishing and more heroics from the impressive McCarthy keeping the scores level at the break.
Liverpool did have the ball in the net immediately after the restart but referee Mark Clattenburg disallowed Coutinho's cheeky back-heeled effort for offside.
Rodgers' side didn't dominate the second period in the manner in which they bossed the first, allowing Reading to slowly edge their way back into the contest.
But, it was the Reds who looked the more likely to open the scoring with Coutinho fizzing a side-footed effort inches past the post just past the hour mark.
Moments later, Reading had their best chance of the match - Pavel Pogrebnyak left Luis Enrique in his trail before squaring for Noel Hunt but the midfielder was denied from close range by an sprawling save from Pepe Reina.
The Royals then bombarded the visitors' area for a period of five minutes but they could not force the ball over the line during a number of goal-mouth scrambles.
Jobi McAnuff had a deflected effort tipped over the bar by Reina as Reading began to turn the screw late on but were given a reminder of Liverpool's threat as Suarez clipped the outside of the post from a free kick.
Then, right at the death, McCarthy out did himself yet again with an outstanding back-to-back save to earn Reading a point.