Rams manager Nigel Clough sent on Davies in the 78th minute in place of Rob Hulse, who had missed three good opportunities earlier in the game.
Davies had only been the pitch five minutes and had still had little chance to make an impression before a pass from Martin Albrechtsen found him with room to lash home the equaliser from ten yards.
Davies almost snatched a winner two minutes from time when he cut in from the right and unleashed a 25-yard shot with his left-foot, which came back into play from the inside of a post.
Southampton went into the match with a record of three wins from four matches and badly needed another win to claw back more points in their bid for safety.
Hulse sent two headers wide in the first half and then in the second cut in from the right with only goalkeeper Kelvin Davis to beat, but the big striker could only lash his shot against the on-rushing keeper.
The Saints took the lead in the 58th minute but the identity of the scorer was still not sorted out by the final whistle.
Simon Gillett took a corner on the left which was headed back across goal by Jason Euell.
Chris Perry was the first to respond and his right-foot drive from 12 yards smacked against the crossbar before rebounding into play where it clipped goalkeeper Stephen Bywater on the foot before going back over the line.
Andrew Surman should have added another goal for the home side five minutes after their opener.
David McGoldrick crossed from the right and Surman could only sidefoot harmlessly wide from 15 yards as a goal beckoned.