Liverpool's Harry Kewell scored against his old club in a pulsating draw.
Kewell put Liverpool ahead with a curling shot, but Leeds fought back impressively through an Eirik Bakke snapshot and a Mark Viduka lob.
In a frantic end to the half, Milan Baros, who had earlier hit the bar, equalised with a fine run and shot.
After the break both teams continued to press for the win - Alan Smith's header hitting the bar, while Michael Owen was denied by Paul Robinson's superb save.
Liverpool carved out a procession of chances in the opening exchanges.
Owen worked himself some space three times, getting in a couple of shots and then glancing a header wide of the past.
Returning to Elland Road for the first time since leaving Leeds in the summer, Kewell saw plenty of the ball in the opening stages.
He put in the cross for that Owen header and after good work by Steven Gerrard, Kewell's quick shot forced a reaction save from Robinson.
21 mins: Kewell puts Liverpool ahead with a flighted shot
29 mins: Bakke pulls Leeds level
34 mins: Viduka's lob gives Leeds the lead
42 mins: Baros' powerful shot equalises for Liverpool
But Kewell soon got the better of his former colleague, picking up the ball on the edge of the Leeds box, before curling an exquisite shot past the flailing Robinson.
Amid those frequent Liverpool forages, Leeds had barely troubled the visitors' defence but just before the half-hour Bakke pulled Eddie Gray's team level.
Smith flicked the ball to Jermaine Pennant and his pass inside to Bakke was quickly turned past Chris Kirkland by the Norwegian midfielder.
Five minutes later Smith created Leeds' second goal, his lobbed pass releasing Viduka, who in turn flighted the ball over Kirkland.
In between those two Leeds' goals, Milan Baros thumped a header against the bar from Gerrard's cross from the right.
Five minutes before the interval, Baros pulled Liverpool level with an excellent solo goal - his first for the club this season - slipping past two Leeds defenders before firing a shot past Robinson.
The game continued to swing from end-to-end after the restart.
Smith's deft footwork took him clear early on, but his shot went narrowly wide.
The Leeds striker went even closer with a diving header on 73 minutes, which thudded against the bar.
Liverpool also had their chances, Owen drawing a wonderful one-handed save from Robinson with a well-directed header.
Late in the game Robinson pulled off an equally impressive save to turn away Dietmar Hamann's rising shot.
Didier Domi also went close for Leeds with a strong header from a corner.
Leeds: Robinson, Kelly, Caldwell, Matteo, Domi, Pennant,
Bakke (McPhail 45), Seth Johnson, Milner,
Smith (Simon Johnson 82), Viduka.
Subs Not Used: Carson, Harte, Radebe.
Liverpool: Kirkland, Finnan, Hyypia, Henchoz, Carragher,
Murphy, Hamann, Gerrard, Kewell, Owen, Baros (Heskey 80).
Subs Not Used: Dudek, Diouf, Biscan, Cheyrou.
Referee: P Durkin (Dorset).