Eunan O'Kane gave the Gulls a 14th-minute lead, but the Cobblers restored parity 16 minutes later through John Johnson.
Both sides had chances thereafter and Billy Kee thought he had earned Torquay all three points when he struck two minutes into stoppage time.
However, the drama was not finished their as Guillem Bauza's last-gasp volley earned the hosts a share of the spoils, much to the delight of Johnson.
He said: "We still haven't got that win, but that felt like a victory, and I am sure it will soon come.
"But the least we deserved from the game was a point and I'm very proud of my players, they stepped up to the plate against a very good Torquay side."
Source: PA
Source: PA