After a goalless first half, Chris Martin fired the Hatters in front in the 49th minute, but Jamie Forrester's penalty four minutes later left honours even.
Luton posed the early threat in front of goal as Asa Hall hit a low 20-yard effort at Kevin Pilkington in the seventh minute and Martin fired just over from a similar position three minutes later.
But it was the visitors who dictated possession with one passing move leading to sprightly left winger Myles Weston outstripping Michael Spillane in the 15th minute only to fire over from a tight angle.
For all of the Magpies' attractive football it was the Hatters who offered more in the final third and they almost took the lead in the 20th minute.
Pilkington blocked Martin's close-range shot after a cross from the left and Rossi Jarvis fed Kevin Nicholls to send in a curling left-footed effort from 20 yards that came back off the join of post and crossbar.
The visitors, who were forced to replace Adam Nowland with Jay Smith in the 26th minute, had to soak up more home pressure as the half wore on with Hall hitting a 25-yard effort at Pilkington in the 29th minute and Sam Parkin and Martin both firing narrowly off target shortly afterwards.
Luton's best chance came on the stroke of half-time when Parkin fed Lewis Emanuel, who cut inside the penalty area and curled wide with his right-foot from 14 yards.
The Hatters' breakthrough finally came four minutes into the second half when Hall fed Martin who advanced into the area, cut on to his right foot and fired low into the bottom far corner from 15 yards.
County responded with the pacey Weston beating Nicholls and getting to the by-line to send in a dangerous cross that deflected off George Pilkington, on to the post and wide.
From Matt Hamshaw's resulting 53rd minute corner Parkin needlessly threw up his arm and the visitors were awarded a penalty which Forrester coolly converted to equalise.
Luton began to lose their way and dangerman Weston almost gave Notts the lead in the 71st minute when he sprinted past Spillane only to drill wide from 15 yards.
The Hatters rallied and substitute Kevin Watson sent in a teasing cross in the 79th minute which Parkin got to before County keeper Pilkington, however the ball looped up on to the roof of the net.
Parkin had another chance to win it five minutes from time, but could only head Nicholls' cross at Pilkington from six yards.