Valencia held a 3-1 lead at half-time before a second-half comeback from Osasuna ensured the points were shared.
The home side sprinted out of the starting blocks as Juan Mata fired a shot on goal with the game only two minutes old, but Ricardo saved, diving to his right. Two minutes later, he was required to block a Roberto Soldado strike from inside the six-yard box.
Juanfran took on two defenders, sprinting towards goal on 10 minutes, but his attempted shot was spoilt by a diving Ricardo Costa, and no one was able to get onto the rolling ball.
Los Che's hard work paid off on 24 minutes, as Mata broke free inside the box to fire a low cross into the middle for the awaiting Soldado, who volleyed home on his left to make it 1-0.
Aritz Aduriz looked to add a second goal five minutes later as he twisted and turned his way in the penalty area to fire directly at Ricardo, who managed to push it away.
The margin was then extended on 32 minutes when Soldado's first touch from a corner was squared for Mata, who was tackled from behind and brought down, but the ball fell to Marius Stankevicius, who smashed his shot into the roof of the net.
Juanfran brought the visitors back into the match with only five minutes left in the first-half, as he rose to head home a drifting Masoud cross from the left.
But the two-goal lead was restored only moments later as Aduriz was unmarked in the six-yard box and he headed home from an inswinging corner.
The second-half started at a slower pace compared to the first, as both sides struggled to create any space.
Despite the scoreline, the visitors weren't giving up, and pulled another goal back just on the hour as Aranda's early ball caused Cesar to come off his line and try to punch clear, but he failed to connect, allowing the ball to fall into the path of Miguel Flano, and he slotted home to make it 3-2.
Monreal almost levelled proceedings six minutes later, but slipped at the crucial moment and was only able to hit the side-netting.
The home side came close to regaining their two-goal lead when Mata found Soldado pushing forward in the box, but he could not direct his shot past Ricardo.
Dejan Lekic was only inches away from levelling the score, as he timed his run in the box well, but his header somehow stayed out after the ball hit both posts.
Aranda turned from provider to goalscorer, as he was the first to capitalise on the loose ball in the box, and struck his shot past Cesar to make it 3-3 with three minutes to go.
Osasuna kept pressing, looking for all three points, but could not find the elusive fourth goal, ensuring the points were shared.