A Queen's Park penalty two minutes from time denied Stenhousemuir their sixth win in their seventh game.
Queen's Park's Ross Caven hit the leveller from the spot after Stenny's Tommy Graham had brought down Stephen Marshall in the box.
The Spiders had enjoyed the better of the first half despite playing against a gale force wind and opened the scoring in the 32nd minute.
Paul Ferguson played in a corner from the edge of the box and after Peter Cormack headed the ball towards the six-yard line Scott Miller hooked behind keeper Alan Smith from eight yards.
Late on the home side mounted pressure to regain their lead after Caven's equaliser.
Isaac English fired just wide and Colin McKinnon brought out a wonder save from Smith with a six-yard effort that the keeper brilliantly blocked.
The game finished with the teams sharing the spoils.