Bottom of the table Livingston picked up their third consecutive draw thanks to a late strike from midweek hero Robert Snodgrass.
The young striker, who scored twice against Rangers on Wednesday, curled in a great strike after 88 minutes.
It was tough luck on Falkirk after the home side had dominated the game for long spells and had gone ahead after Harold Pinxten's freakish own goal.
The Belgian defender headed a corner into his own net after 20 minutes.
The point for Livingston draws them level with Dunfermline, with Falkirk and Dundee United a further eight points ahead.
Falkirk made a lively start and came within inches of going ahead after just two minutes.
Russell Latapy slipped the ball into the path of in-form striker Darryl Duffy but the post denied him his fifth goal in five consecutive matches.
The former Rangers youngster then tested Roddy McKenzie in the ninth minute but the Livingston keeper did well to tip his 25-yard free-kick over the crossbar.
The home side went close again in the 15th minute but Andy Lawrie's effort, from McPherson's cross, took a deflection off Paul Tierney and went narrowly wide of the target.
Falkirk deserved to take the lead from the resulting corner although they needed a big favour from Pinxten, who headed McPherson's delivery into his own net.
Livingston had been quiet in attack but Neil Barrett picked out Allan Walker at the back post in the 23rd minute only for him to blast his right-footed shot over the top.
Latapy was running the show in the midfield and he again linked up well with Duffy but despite the striker's great turn he could not get the height on the chip to beat McKenzie.
Bairns keeper Matt Glennon was so quiet in the first-half he came out at the break for a warm up but he needed to be alert in the 48th minute to save Snodgrass' long-range effort.
Pinxten almost made amends for his error with a shot just past the upright from the edge of the box with Glennon scurrying across his goal.
The home side came close in the 76th minute but McKenzie saved superbly from Stephen Thomson from close range and Duffy failed to steer home the rebound.
Latapy would have wrapped the game up moments later had his powerful drive not struck defender Greg Strong full in the face.
Snodgrass snatched a dramatic equaliser for Livingston with two minutes remaining as he cut in from the left and curled a superb right-foot effort past Glennon.
Falkirk: Glennon, Lawrie, Rodrigues, Ireland, Milne, Steven Thomson, McPherson (Gow 90), Latapy, O'Donnell (Lima 54), Scally, Duffy (Moutinho 80). Subs Not Used: Ferguson, O'Neil, McBreen, Twaddle.
Booked: Milne. Goals: Pinxten 20 og.
Livingston: McKenzie, Mackay, Strong, Pinxten, Tierney, Brittain, Adams (Miller 86), Neil Barrett (McPake 59), Walker, Scott (Adam 74), Snodgrass. Subs Not Used: Roy, Boyd, Dalglish, Geggan.
Booked: Snodgrass, Adam. Goal: Snodgrass 88.
Ref: B Winter