An excellent double save by Stenny kid David Templeton with two minutes left secured a point for the Fifers.
Iain Ross saved the striker's first effort after 88 minutes and his follow-up was blocked on the line by Jon Smart's outstretched boot.
It was East Fife's new-look side that started better than the title favourites, and Kevin Gordon came close after four minutes when his lob landed on top of the net.
Former Raith kid Neil Jablonski then cut in from the left and blasted a shot past Willy McCulloch's right-hand post.
It took the Warriors 36 minutes for Kevin McLeish to carve a path to goal, but his soft shot posed no danger. Ross then pulled off a tremendous reflex save when he somehow diverted Gareth Hutchinson's close-range volley over the bar.
On the stroke of hal- time Paul Ritchie broke free, but his shot was pushed round the post by Willie McCulloch.
Stenny upped their efforts with Shaun Dillon going just wide after 49 minutes and Ross managing to smother a close-range effort from John Baird.
But they were slack in defence with Jamie McGowan's effort cleared off the line and Ritchie's bouncing volley testing the keeper, but in the end neither side could provide a break.