The home side were eager to bounce back from their shock 2-1 defeat to East Stirling at the weekend, with Central Park's excellent drainage making sure this game could finally go ahead.
However, the torrential rain throughout made it a fairly uninspiring evening for all concerned.
Cowdenbeath, however, burst into life and took an early lead after just two minutes.
Darren Gribben worked some space for Liam Buchanan at the edge of the area and his low shot took a wicked deflection to wrong-foot Kieron Renton in the Elgin goal.
The visitors had the better of the remaining first-half exchanges and really should have levelled six minutes before the break. Darren McGregor brought down Garry Wood in the penalty box but James McKenzie's resulting spot-kick trickled wide of the left hand post.
Add to that Andrew Carlin's superb save from Wood almost immediately after the opener and Elgin will have felt aggrieved to have been behind at the interval.
The home side should have secured the points early in the second half but found City keeper Renton in great form.
Instead, Elgin drew level on 65 minutes when Cowdenbeath pressed self-destruct yet again. Gary Fusco's suicidal short pass back allowed Martin Harty to nip in and equalise from about eight yards out.
It was no more than the visitors deserved and Elgin will fancy their chances when the teams meet again on Saturday.