A win for either side at the Mestalla would have sent them into the knockout stages.
Valencia broke the deadlock in the 40th minute as Carlos Soler slotted home.
Mateo Kovacic levelled for Chelsea straight after, but the half ended on a sour note when Tammy Abraham was stretchered off due to injury on the stroke of half-time.
Five minutes after the break, Christian Pulisic had a goal ruled out for offside, but the decision was overturned after a lengthy VAR review.
Valencia missed the chance to equalise after Dani Parejo’s penalty was saved by Kepa Arrizabalaga.
Chelsea looked to be heading into the last 16, but there was another late twist when Daniel Wass equalised eight minutes from time.
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