The conditions were atrocious at rain-lashed Central Park, but both sides played out the game in typical derby fashion.
Cowden started the better, forcing three corners in the first two minutes. Those came to nothing and the visitors should have made them pay four minutes later when Gary Kelly found himself in space, only to see Darren McGregor make a timely block in the area.
At the other end, Dene Shields and Darren Gribben were causing problems and the pairing almost gave the home side the lead after 23 minutes.
Shields' long ball over the top released Gribben, but he lost his composure after rounding Scott Morrison in the East Fife goal.
Cowden looked like they would grind down the visitors' stubborn resistance as the second half started.
And just after the hour mark, they got their reward when Liam Buchanan put them in front.
Gribben's deep cross was headed into the area by Shields, and with keeper Morrison caught in two minds, Buchanan was on hand to bundle the ball home. Their lead lasted just three minutes though with Sean Paliczka scoring a superb equaliser.
Brian Fairbairn's cross from the left was met first time by Paliczka and his effort nestled in Andy Carlin's bottom right-hand corner.
Both teams sensed victory and went all out for the winner but the play became more and more scrappy as both teams looked content to sit on their point.
East Fife will be the happier of the two sides with the draw, but Cowden stay in third spot.