The two teams shared four goals when they met behind closed doors at Poolfoot Farm as Scott Brown’s players twice fought back after trailing.
It was Tranmere who took the lead after only two minutes as Kane Hemmings collected a through ball and slotted it under keeper Tom Donaghy.
At the other end, Chris Conn-Clarke saw a shot blocked and Shaun Rooney had an effort saved before Town drew level with half-time approaching.
Toto Nsiala was the man responsible, finding the net from close range after Danny Andrew’s free-kick was deflected into his path.
Both teams took the opportunity to make mass changes at the break, Town boss Brown sending out a different XI for the second half.
Jake Burton restored Rovers’ lead early in the second period, netting from Rhys Hughes’ free-kick.
One of Town’s subs, Cian Hayes, had a chance to level after he was brought down by Kyle Hayde but saw his spot-kick saved.
Max McMillan hit the woodwork for Town, who levelled late on when Josh Edwards crossed for Paddy Lane to score.
Fleetwood Town: Donaghy (Lynch 46), Andrew (J Edwards 46), Wiredu (Vela 46), Bird (Earl 46), Harrison (Garner 46), Conn-Clarke (McMillan 46), Boyle (Batty 46), Morris (Lane 46), Rooney (Johnston 46), Nsiala (Johnson 46), Baggley (Hayes 46).
Tranmere Rovers: Trialist (Murphy 46), Dacres-Cogley (Hughes 46), Byrne (Hayde 46), Davies (Hockenhill 46), Trialist (Fisher 57), Bristow (Jolley 46, Stratulis 51), Nolan (Merrie 46), O’Connor (Hawkes 46), McAlear (Lewis 46), Nevitt (Morris 46), Hemmings (Burton 46). Subs not used: Lomax, Williams, Taylor.