Danny Nardiello fired a two-goal salvo as Barnsley kept their unbeaten record under caretaker manager Simon Davey intact, but Tresor Kandol and Ugo Ehiogu scored on their home debuts as Leeds rescued a point.
In a breathtaking start to the sparkling High Noon derby, Barnsley rushed into a third minute lead, Nardiello punishing dreadful defending as he cut in from the left, ghosted past Shaun Derry and Ehiogu before firing a low shot into the far corner.
Five minutes later Leeds were level. Jonathon Douglas, operating as an emergency right-back in the absence of suspended Hayden Foxe and the injured Gary Kelly, sent over a high cross from the left.
In attempting a clearance, defender Neil Austin could only head high into the air and Kandol celebrated his first start by leaping to head the equaliser from close range, having beaten keeper Nick Colgan to the ball.
Paul Reid and Bobby Hassell returned for Barnsley who had Kyel Reid suspended. Ronnie Wallwork, hospitalised by his stabbing in a Manchester bar on Thursday night, would have missed the game anyway through suspension.
As Leeds turned up the heat, Robbie Blake stung Colgan's hands with a 30-yard free-kick and then saw a shot deflected over the bar, before cleverly giving Nardiello the slip and setting up a chance for Eddie Lewis whose shot grazed the far post.
However, it was that man Nardiello who restored Barnsley's lead in the 36th minute, once again leaving Leeds' defence red-faced.
Chasing a long ball down the right, Nardiello sprinted towards the near post where he escaped the attention of Stephen Crainey and Matt Heath before again finding the far corner of the net.
Leeds responded in this thoroughly entertaining derby, Lewis firing just wide before Ehiogu took a leaf out of Kandol's book by heading his first Leeds goal.
The first half was in stoppage time when Ian Westlake centred from the right to Derry beyond the far post. The Leeds captain nodded the ball into the goalmouth where Ehiogu headed powerfully home.
Leeds thought they had snatched a winner 20 minutes from the end when Heath headed in Westlake's corner but linesman Karl Evans flagged and referee Kevin Wright ruled that keeper Colgan had been impeded.
The crowd of 21,378 was Leeds' highest since Sunderland's visit in mid-September and they were treated to a pulsating contest with the points deservedly shared.