An injury-time strike from Andy Keogh saved Republic of Ireland manager Giovanni Trapattoni from tasting defeat in his first game in charge.
Republic skipper Robbie Keane was denied by Slobodan Rajkovioc's goal-line clearance on 23 minutes.
Marko Pantelic took advantage of a Paul McShane mistake to fire Serbia ahead with 15 minutes left.
But substitute Keogh grabbed a late equaliser when he smashed an eight-yard volley past Vladimir Stocjkovic.
Serbia were on the receiving end of a few crunching tackles in the first 10 minutes as the Republic showed this was not going to be another meaningless end-of-season friendly.
Keane almost scored with the first decent opening when his shot was cleared off the line by Slobodan Rajkovioc after Stocjkovic palmed a deflected cross into the Spurs striker's path.
Stefan Babovic was presented with Serbia's first chance four minutes later but his weak shot was easily saved by Dean Kiely.
The Serbs were also guilty of poor challenges and Danko Lazovic was booked for a two-footed lunge at Stephen Kelly.
Babovic wasted an excellent opportunity on 38 minutes, sent clear on goal but Irish debutant Damien Delaney put him under pressure and the midfielder sliced wide.
606: DEBATE
The visitors made a bright start to the second half but they failed to trouble Kiely.
Stocjkovic gave his team a scare in the 57th minute when he dropped Stephen Hunt's inswinging free-kick but the ball fell to a Serbian defender and the danger was cleared.
Richard Dunne took over the Republic captaincy on 70 minutes when Keane was replaced by Daryl Murphy.
Kiely held a fierce strike from Bosko Jankovic after 72 minutes but Serbia went ahead three minutes later thanks to a defensive error.
McShane's failed attempt to catch Pantelic offside merely left the substitute free on goal and he calmly lifted the ball over the advancing Kiely and into the net.
The Republic pressed late in the game with little effect until Keogh latched on to a Murphy flick-on to crack home the leveller in the first minute of added time.
The Republic are back in action Thursday with a friendly against Colombia at Craven Cottage.
Republic of Ireland: Kiely, Kelly, Dunne, McShane, Delaney, Duff, Miller, Whelan, Hunt (Keogh 80), Keane (Murphy 69), Doyle (Long 86).
Subs not used: Joe Murphy, O'Shea, McPhail, Scannell, Foley, Hoolahan, Westwood, Bruce, Garvan.
Goals: Keogh 90.
Serbia: Stojkovic, Rukavina, Ivanovic, Rajkovic, Dragutinovic, Lola, Kuzmanovic, Jankovic, Babovic (Markovic 80), Ilic (Kacar 86), Lazovic (Pantelic 69).
Subs not used: Kahriman, Kolarov, Vidic, Zigic, Despotovic.
Booked: Lazovic, Kuzmanovic, Ivanovic, Dragutinovic.
Goals: Pantelic 75.
Att: 42,500
Ref: Lee Evans (Wales).
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