Lee Trundle said that this draw at Peterborough felt like a defeat following the hosts' last gasp leveller.
The on loan striker had only come on as a substitute 20 minutes from the end but during that time struck twice to overturn Peterborough's lead.
Despite dominating the first-half it was the Posh that broke the deadlock 10 minutes after the re-start when Chris Whelpdale volleyed home after Exodus Geohaghon's long throw wasn't cleared.
The Swans turned to route one football for the leveller on 84 minutes as Albert Serran picked out Trundle with a instinctive pass from the back; the striker rolled two defenders, and even stopped strike partner Gorka Pintado from taking a shot, before picking out the bottom corner.
And when the on loan Bristol City man scored his second in injury-time, finding the same corner after turning Geohaghon, Swansea City's players, staff and 600 travelling fans would be forgiven for thinking that the points would be returning to south west Wales.
But deep into injury-time, and with one of the last kick's of the game, Arron Mclean converted a Craig Mackail-Smith cross to rescue a dramatic point for the struggling Cambridgeshire outfit.
Paulo Sousa made four changes to the side for the match against the Posh at London Road.
Ashley Williams was named as skipper in Alan Tate's absence and he partnered the returning Albert Serran at the heart of defence.
There was a change out wide with Tom Butler replacing Nathan Dyer, Jordi Lopez came in for Leon Britton while Craig Beattie (knee) misse out altogether; Gorka Pintado takes his place in attack.
Peterborough: Joe Lewis, Ryan Bennett, Craig Morgan, Exodus Geohaghon, Scott Griffiths, Chris Whelpdale, Toumani Diagorouga, Lee Frecklington, George Boyd (C), Aaron Mclean, Craig Mackail-Smith.
Subs: Paul Coutts, Dean Keates, James McKeown, Tommy Rowe, Krystian Pearce, Dominic Green, Josh Simpson.
Swans:Dorus de Vries; Angel Rangel, Ashley Williams(C), Albert Serran, Fede Bessone; Jordi Lopez, Andrea Orlandi, Darren Pratley (Lee Trundle, 70'), Tom Butler (Nathan Dyer, 64'), Cedric van der Gun (David Cotterill, 70'); Gorka Pintado.
Not Used:David Cornell (GK), Leon Britton, Joe Allen, Jazz Richards.
Attendance: 7,312 Away: 594
Referee: R Booth (Nottinghamshire)
The manager made four changes for the Swans' first league visit to London Road in almost a decade and was one of his replacements, Tom Butler, who had the game's first attempt on goal less than two minutes in.
Peterborough gifted the Swans possession straight from the kick-off and from the back Paulo's side strode forward and, with a fluid style of passing, the ball found its way to Butler on the left, he cut inside and saw his strike stopped by Joe Lewis.
The Posh were struggling to get a hold of the ball and with 10 minutes on the clock their visitors created their second chance on goal, Cedric van der Gun and Gorka Pintado playing a part in Andrea Orlandi having a crack on goal from 20-yards, which took a deflection en route to the midrift of Lewis.
The travelling supporters occupying the terrace behind the goal and a section of the main stand were having plenty to cheer about as the Swans came close again moments later.
Stand-in skipper Ashley Williams picked out van der Gun with a pin-point crossfield pass, the winger chested down to Pintado and took the ball back off the striker before firing low past the 'keeper, but also past the post.
They were certainly keeping the home crowd quiet with their stylish brand of football and as we approached the half way point of the half Orlandi had his second opportunity with a strike which deflected off Lee Frecklington.
The first flag-kick was cleared while the second, drilled across the box by Orlandi, only needed a touch but was missed by both sets of players.
Fede Bessone has looked strong going forward this term and on the half-hour mark the left-back delivered an excellent cross into the heart of the area where both Darren Pratley and Pintado were ideally placed but just couldn't stretch their legs enough to connect.
As the half drew to a close the Swans continued to pile the pressure on the Posh half but were unable to create a chance to trouble Lewis between the sticks before the break.
Half-Time: Posh 0 Swans 0
The second-half started in similar fashion to that of the first as Tom Butler shot wide of goal within two minutes of the re-start, while Jordi Lopez fancied his chances from distance on 50 minutes - the former Sevilla man enjoying acres of space and struck straight at Lewis.
But despite all of their possession, and the chances created, it was the home side that took a surprise lead 10 minutes in.
A dangerous long throw into the box by powerhouse defender Exodus Geohaghon was cleared back to the edge of the box where Chris Whelpdale was place to crack a volley at goal which deflected into the net with the aid of the upright.
And ir wasn't long before the Posh could have made it 2-0 as Craig Mackail-Smith latched on to Aaron Mclean's overhead kick but forced a fine save out of Dorus de Vries from inside the area.
Nathan Dyer was introduced as a straight swap for Tom Butler out wide while de Vries was forced to save again from Whelpdale midway through the half.
Paulo made a further two changes 20 minutes from the end as David Cotterill and Lee Trundle came on in place of Cedric van der Gun and Darren Pratley.
Dyer added an extra dimension of pace out wide and along with Cotterill got behind the full-backs and delivered some teasing crosses into the area, but didn't threaten Lewis and his defence.
But it was a long punt forward which brought the two teams level with only six minutes remaining.
Albert Serran played the ball downfield right to the feet of Lee Trundle inside the area, he rolled two challenges, turned and neatly slotted the ball beyond the 'keeper and into the bottom corner.
Orlandi could have completed an excellent turnaround two minutes later, but he shot wide, while Jordi Lopez fired high into the stand with 88 minutes on the watch.
But an excellent comeback was cofirmed two minutes into injury-time when super sub Trundle sent the visiting fans into raptures with a fine second goal.
Lopez played the ball into the striker's path, he rolled his defender and shot low past Lewis - but if you thought it all ended there, you would be wrong.
The Swans sent men forward seeking a third, Trundle was tackled and the Posh launched a counter attack. The ball fell to Mackail-Smith, he crossed past de Vries into the area where Aaron Mclean was placed to score the leveller with virtually the last kick of the game.