It looked likely that the game would end as a 0-0 stalemate until there was only a matter of minutes left on the clock.
With 84 minutes gone, Liam Lindsay and Fankaty Dabo were both shown red cards before Daniel Johnson slotted home a penalty for the Lilywhites.
The three points were in touching distance for Ryan Lowe’s side, however Coventry refused to give up and scored a 98th minute equaliser.
The draw is their seventh in 12 matches and leaves them in 12th place.
Preston will now host Bournemouth this weekend, four months after the Lilywhites beat them in the reverse fixture and left them unbeaten in four against the Cherries.
Here are the best of today’s transfer rumours...
1. QPR sign ex-Arsenal youngster
QPR have confirmed the signing of free agent Stan Flaherty. The 20-year-old midfielder has been without a club since his departure from Newcastle United. (Football League World)
2. Fulham linked with ex-Liverpool striker
Fulham are reportedly eyeing a move for former Liverpool and Manchester City striker Mario Balotelli. The 31-year-old has scored 10 league goals with Turkish club Adana Demirsport this season. (The 72)
3. Tottenham join race for Robins prospect
Tottenham Hotspur are the latest Premier League club to join the race to sign Bristol City’s Alex Scott. West Ham, Leicester and Everton are also interested. (LondonWorld)
4. Posh striker makes non-league switch
Peterborough United’s Harmeed Ishola has joined Maldon & Tiptree on loan. The striker joined Posh last summer.