The Rams went ahead early on through Morten Bisgaard's fourth goal of the season before Dele Adebola earned his side a point with a 57th minute leveller.
Both teams had chances to win it in an action-packed second half but, in the end, a draw was a fair result.
The home side had started brightly and with just 90 seconds on the clock Bisgaard curled a left-foot effort inches wide from the edge of the box.
But 12 minutes later, the Danish midfielder did find the net - with the help of a massive deflection. Bisgaard picked the ball up 25 yards from goal, then turned and hit a shot which struck City defender Richard Shaw on the back and beat the wrong-footed Stephen Bywater inside his near post.
The visitors thought they had found a way back into the game almost immediately when Gary McSheffrey went down in the area under a challenge from Michael Johnson. However, referee Peter Walton gave a free-kick the other way and booked the striker for diving.
Claus Jorgensen, Jamie Scowcroft and Adebola then all went close in the next ten minutes as Coventry searched for a quick equaliser.
But they went in a goal down at the break despite six minutes of stoppage time following a nasty collision between Marcus Tudgay and Shaw which saw the veteran Sky Blues centre-back stretchered off with a gashed head.
Micky Adams' men were lucky not to fall further behind three minutes after the restart when Tommy Smith got on the end of Inigo Idiakez's wickedly-taken free-kick and saw his low effort strike the foot of Bywater's left-hand post and bounce to safety.
And Smith was made to pay for his miss nine minutes later when City levelled through Adebola. The big frontman ran onto Marcus Hall's lofted pass into the box and poked the ball past Lee Camp from six yards after beating the hosts' offside trap.
Tudgay and Bisgaard, twice, were then denied by smart saves from Bywater while at the other end, Adebola nodded just wide in a thrilling end to the game.