With champions Dundalk up next, Limerick boss Martin Russell clings to his side's "fighting chance" of avoiding relegation.
A double from Bray's Ryan McEvoy and a terrific late save from home keeper Peter Cherrie deprived bottom side Limerick of a sixth win in seven games at the Carlisle Grounds on Saturday night.
Limerick twice took the lead with strikes from Dean Clarke and a stunning goal from Vinny Faherty.
But Bray midfielder McEvoy levelled on each occasion with confidently-taken goals.
Cherrie then made a sublime save in stoppage-time from substitute Darragh Rainsford's header.
The result maintained Limerick's remarkable revival to leave them just one point adrift at the foot of the table ahead of hosting runaway leaders Dundalk.
"We're disappointed we didn't get all three points," said Russell. "But we've kept the unbeaten run going to seven games.
"To a neutral, a draw was probably a fair enough result. But we should have got a second-half penalty when Michael Barker fouled Dean Clarke. Then Peter Cherrie makes a wonderful save right at the end. I felt we just shaded it.
"It's still a point. It keeps us going in the right direction. When the disappointment of not winning goes away, we can focus on Dundalk.
"There's still 15 points to play for. We still have a fighting chance of staying up."
Bray Wanderers - Cherrie; Barker, McNally, Cooney, O'Reilly; McGlynn (Hanlon, 63), Kelly, Sullivan, McEvoy, Cassidy (Wixted, 90); Lyons.
Limerick FC - Hall; Whitehead, Kanyuka, Williams, Tracy (Rainsford, 85); Lynch (Prince, 85), Duggan; Turner, Russell, Clarke; Faherty.
Ref - R Matthews (Westmeath).