A remarkable game at Caledonian Stadium ended in a draw to keep both sides' aspirations of finishing in the top six of the Bank of Scotland Premier League alive.
Steven Naismith opened the scoring in the 27th minute when he tapped in a Danny Invincibile cross but after Dennis Wyness equalised seven minutes later, Caley took a 68th-minute lead through Craig Dargo.
Gary Wales then scored a double in the 69th and 83rd minute which seemed to have given Kilmarnock all three points, but David Proctor headed an equaliser with only three minutes remaining.
Kilmarnock started on the front foot and when Mark Brown could only push Frazer Wright's snap shot as far as the edge of his six yard box, Naismith was on hand to tap the ball into the net.
However, along with Colin Nish, the midfielder was standing in an offside position and referee Kenny Clark correctly disallowed the goal.
Inverness then awoke from their early lethargy and two minutes later Dargo saw his stabbed effort strike the base of the visitor's post after Barry Wilson's free-kick had been flicked on by Darren Dods.
However, Kilmarnock continued to look the more threatening and, in the 27th minute, the away side finally foraged far enough forward to create a good crossing opportunity for Invincibile.
The Australian rewarded his team-mates' effort with an intelligent cut back to Naismith and, from only six yards, the 19-year-old flicked out his right boot to steer a shot past Brown into the far corner of the net.
Naismith'seighth strike of the season was no more than Kilmarnock deserved after an enterprising start to the match and he nearly doubled their advantage only six minutes later after exchanging passes with Nish on the edge of the box.
But after Naismith's low drive was well saved by Brown, Inverness immediately broke up the pitch to score a 34th-minute equaliser.
Dargo did all the hard work in winning the ball for his strike partner Wyness, and when the on-loan Hearts player was left one-on-one with Wright, he danced around the Kilmarnock defender before bending a shot with the outside of his right-foot past Smith.
The second half proved to be a remarkable affair and after Brown scrambled Nish's 65th-minute effort off the line, Caley took the lead when Richard Hastings' cross was helped on by Stuart Golabek. From six yards out Dargo guided an effort across Smith which crept in at the far post.
However, Inverness' lead lasted barely a minute, Nish setting up Wales to flash a left-foot shot on the half-volley into the bottom left-hand corner of Brown's goal.
The Kilmarnock striker then scored his fourth goal in his last two games with a left-footed drive from the edge of the box, which looked to have earned the away side all three points.
But within two minutes Inverness had drawn level when Proctor headed in a corner from substitute Alan Morgan to snatch an amazing draw.
Teams
Inverness CT Brown, Proctor, Dods, McCaffrey, Hastings,Wilson, Duncan, Hart (Keogh 79), Golabek (Morgan 76), Dargo,Wyness.
Subs Not Used: Fraser, Bayne, Parratt, Fox, McAllister.
Booked: Wyness, Wilson.
Goals: Wyness 34, Dargo 68, Proctor 86.
Kilmarnock Smith, Wilson (Lilley 89), Ford, Wright, Hay,Fowler, Invincibile, Johnston, Naismith (Locke 81), Wales, Nish.
Subs Not Used: Bell, Skora, Di Giacomo, Campbell, Loy.
Goals: Naismith 27, Wales 69, 85.
Att: 3,618
Ref: K Clark (Scotland).