In a match that exploded into life in the second half, Arsenal recovered from a goal down to lead 2-1 with two fortunate Thierry Henry goals before Ryan Giggs's header secured the draw that maintained United's three-point lead at the top.
United have 71 points with four games left and a goal difference of plus 32. Arsenal, seeking an historic second successive league and FA Cup double, have 68 points with five to play and a goal difference of plus 33.
"I'm proud of my players," said United manager Alex Ferguson. "I thought in the first half they were fantastic.
"Then we've recovered from two goals and thoroughly deserved a point. I think you've seen two great teams tonight and I think it's going to go to the wire."
Dutch striker Ruud van Nistelrooy gave United a deserved 24th-minute lead before Henry, with a lucky deflection after 51 minutes and an offside-looking effort 11 minutes later, turned the game on its head.
But Giggs equalised for United within a minute and the match turned ugly near the end as Arsenal defender Sol Campbell was given a straight red card for elbowing Ole Gunnar Solskjaer.
The England international could miss at least three important matches due to suspension, including the FA Cup final against Southampton on May 17.
Arsenal lost goalkeeper David Seaman to influenza just before kickoff, while captain Patrick Vieira took the field with his right knee heavily strapped.
The omens were not good for the home side and they were quickly on the backfoot as United, with a fit David Beckham on the bench, took control from the first whistle.
Van Nistelrooy gave United the lead they deserved after 24 minutes. Giggs fed him down the left and the Dutch striker scampered past Campbell and Martin Keown before lifting the ball cleverly over Taylor to silence all but one corner of Highbury.
Vieira limped off soon after to compound Arsenal's problems and they looked a sorry sight as they trooped off at the interval.
But the champions were never going to relinquish their crown without a fight and they transformed the match at the start of the second half.
After 51 minutes Pires played in Ashley Cole and his shot deflected fortuitously past United goalkeeper Fabien Barthez off the back of Henry's legs to make it 1-1.
They enjoyed another huge slice of luck 11 minutes later to take the lead. Gilberto Silva played a fine ball into Henry who looked two metres offside, but the Frenchman controlled it neatly and beat Barthez to leave United stunned.
Arsenal's lead lasted all of one minute. Nicky Butt fed Solskjaer and, not for the first time in the match, the Norwegian swung over a telling cross that Giggs headed down into the net with the Arsenal defence nowhere.
Wenger looked furious at his side's lack of concentration and he was even unhappier when Campbell was sent off eight minutes from the end after thrusting an elbow at Solskjaer.
Arsenal's players and fans protested vehemently, but the decision looked correct and the champions will sorely miss their best defender in the decisive month ahead.
"It was a difficult match for both sides, there was a lot riding on it," Giggs said.
"We probably shaved the first half but we knew we were going to be under pressure after that.
"We were disappointed with their goal but happy to get back into the game as not many teams come back from 2-1 down here."
Arsenal manager Arsene Wenger said his team again showed "great character" but not enough concentration to keep their lead.
"I felt if we had kept the 2-1 we would have won the game," said the Frenchman.
Of Campbell's red card he added: "He is distraught -- everybody who knows Sol knows he didn't touch him on purpose. This one was definitely accidental."
Remaining premier league games:
Arsenal: April 19 Middlesbrough (A), April 26 Bolton Wanderers (A), May 4 Leeds United (H), May 7 Southampton (H), May 11 Sunderland (A)
Manchester United: April 19 Blackburn Rovers (H), April 27 Tottenham Hotspur (A), May 3 Charlton Athletic (H), May 11 Everton (A)
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