Treaty were then handed a lifeline on 71 minutes when Corey Chambers saved from the spot to deny the visitors a third which would have killed off the contest.
Treaty United secure a valuable point against Waterford FC in their bid for a play -off place in the SSE Airtricty First Division on Monday evening.
After falling behind early, a second half double from Success Edogun secured a share of the spoils in then Markets Field.
The point moves Treaty level on points with sixth placed Longford Town and four behind Wexford who occupy the final play-off spot.
In Limerick, the visitors got off to the perfect start with Charlie Pattison netting in the opening minutes. The clock had just ticked into the eighth minute when they doubled their lead, Charlie Parsons finding the target from the penalty spot.
But from here it was all Treaty who dominated the remainder of the contest. Darren Nwankwo and Stephen Christopher were denied by the Waterford keeper as they retained their two goal lead into the interval.
Treaty were then handed a lifeline on 71 minutes when Corey Chambers saved from the spot to deny the visitors a third which would have killed off the contest.
Four minutes later, Edougun had Treaty back in the hunt with a fine finish to halve the deficit. The Treaty man then levelled up with a spectacular goal on 78 minutes.
Treaty couldn’t find the winner but maintained their unbeaten run with a trip to Cobh Ramblers this Friday night up next.