The Gabon international put Mikel Arteta's side ahead with a typically clinical finish early on before Jordan Ayew secured a point for Roy Hodgson's men nine minutes after the interval.
Palace might feel it should have gone on to seal all three points after a VAR (video assistant referee) review deemed Aubameyang's challenge on Max Meyer in the 67th minute worthy of a straight red card.
The result leaves Arsenal in 10th position, one point behind the Eagles and eight adrift of fourth-place Chelsea.
Arsenal started with a spring in its step and opened the scoring in the 12th minute, courtesy of a fine team goal.
Mesut Ozil and Alexandre Lacazette combined to find Aubameyang on the edge of the penalty area, with the former Borussia Dortmund man taking a touch away from Martin Kelly before clinically slotting into Vicente Guaita's bottom-left corner.
That lead rarely looked in danger throughout the first half, although Bernd Leno had to be alert to keep out Cheikhou Kouyate's deflected effort shortly before the interval.
The hosts started the second period with renewed verve and pulled level in the 54th minute when Ayew's effort took a wicked deflection off David Luiz and looped over Leno.
Luiz then flashed a header narrowly over the crossbar before Aubameyang received his marching orders.
Referee Paul Tierney deemed the forward's ugly lunge on Meyer worth only a yellow card, but a lengthy VAR review saw the offence upgraded to a straight red.
Both sides came agonisingly close to snatching a win in the closing stages.
Sokratis Papastathopoulos cleared James Tomkins's header off the line, while at the other end Guaita superbly tipped Nicolas Pepe's low drive on to the post before smothering Lacazette's follow-up.