Town had enough chances to have left London Road with all three points but had to settle for the draw.
Frank Nouble went closest for Blues with a first-half effort that cannoned back off the past, the Town frontman then denied by an outstanding save by Bobby Olejnik in the home goal, who also kept out a David McGoldrick header.
Olejnik was the busier of the two ‘keepers but Stephen Henderson kept the scoreline blank late on with a save from Dwight Gayle.
Mick McCarthy made three changes to the side that went down to Forest during the week, Nouble coming in for his first start as a Blue, Elliott Hewitt making his first League start for the Club, with Jay Tabb handed his debut after joining on loan from Reading on Friday.
Aaron Cresswell had to be alert to stop Nathan Mendez-Laing getting in on goal, Tommy Rowe then firing over after a flowing move from the home side.
Posh were the better side in the opening 15 minutes and Lee Tomlin dragged a shot just wide from a great position.
Andy Drury sent David McGoldrick clear but Gabriel Zakuani made the block as Town started to get a grip on the game, Cresswell’s ambitious 30 yarder going high and wide.
Danny Swanson picked up the first yellow card of the game for a foul on Hewitt as Blues enjoyed a good spell of possession and Nouble, the standout performer for Blues in the first-half, saw a right foot effort cannon back off the post.
The January signing from Wolves then went close again to giving Blues the lead, cutting inside the Posh defence and arrowing his shot for the far corner until Olejnik’s fingertips diverted the ball inches wide.
Nouble headed the resultant corner just wide as he continued to trouble the home defence.
Luke Hyam smashed a 30 yarder over, while at the other end the midfielder was in the right place to deny Tomlin.
Mendez-Laing finished the half in referee Linington’s notebook for a foul on Hewitt as the first of an entertaining 45 minutes came to a halt goalless.
Posh started the second-half on the front foot and Town breathed a sigh of relief when Swanson’s deflected strike went just wide of Henderson’s post.
McGoldrick was denied at the other end after good work by Hyam created an opening at the far post for the Forest loanee, Olejnik then producing a terrific save to keep out the striker.
Henderson got down well to beat out Rowe’s strike as the chances continued to come at both ends, Nouble firing across goal with Tabb just failing to get on the end of it with the goal open.
Peterborough made three changes midway through the second-half with Kgosi Nthle, Joe Newell and former Town loanee Tyrone Barnett joining the action – Mendez-Laing, Swanson and Grant McCann making way. Blues also shuffled the pack with Aaron Mclean on against his old club, Nouble replaced.
Barnett was immediately in the action, heading over as the game approached the last quarter hour surprisingly still goalless.
Andy Drury tested Olejnik again, while at the other end Gayle volleyed wide from 10 yards on the angle.
Jay Emmanuel-Thomas replaced Drury for the last 10 minutes, Town then having a strong penalty claim against handball but referee Linington waved away Blues’ claims.
Olejnik saved again low down from Mclean as Town continued to look the more likely to break the deadlock, though Henderson was called into action seconds later to deny Gayle and give Blues a share of the spoils in a game that could have brought three points.