Balogun is yet to feature in the Premier League for Brighton this season, with his only appearance coming in the League Cup in August.
Second half goals from Neal Maupay for Brighton and Wilfred Zaha for Palace, saw both teams shared the points.
Brighton dominated the early part of the second half and deservedly went ahead in the 54th minute through Maupay who controlled a cross and rifled it home.
Palace poured forward in search of the equaliser and were rewarded in the 76th minute through Zaha, who brought down a cross turned his marker and smashed a left-foot shot into the roof of the net.
The draw saw Brighton now occupy 13th position on 20 points in the league table.
For Palace they move up to ninth and now have 23 points after 17 Premier League games played so far this season.