Dave Baikie's men went straigh for the jugular with Gary Fusco lashing a shot into to the side netting in the first minute.
The midfielder was clearly in the mood and was just off target again before the visitors took a deserved lead after seven minutes. Andy Campbell's cross was only cleared to the edge of the box, where Paul McHale met it first time to rifle the ball into the corner.
Determined to bury their neighbours, Cowdenbeath continued to pour forward and Darren Gribben forced a good stop from Scott Morrison after 10 minutes.
East Fife equalised with their first attack after 28 minutes when Jon Mitchell nipped in front of the keeper to touch home Chris Brash's cross.
Cowdenbeath's Ryan McCallum spurned two great chances when he failed to convert a Jon Bain cross and then missed another opportunity after 51 minutes. Gribben sent him scampering clear, but instead of passing to the unmarked Bain he went for glory and sliced wide.
Steven Nicholas almost punished Cowdenbeath in the 62nd minute when he went clean through, but his lob bounced off the top of the bar and over.
Cowdenbeath's Allan Fleming had to save from his own defender when Stuart Baird misdirected a header to the bottom corner, but the keeper spared his blushies.