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The two sides scored a goal apiece in the closing minutes of the first half.
Danny Barker’s close-range header levelled the game after Adam Carroll had given the visitors the lead.
Rory Powell then restored Warrenpoint’s advantage with a remarkable long-range strike early in the second half, before Ryan Mayse forced Collan McGrandless to put through his own net just before the hour mark to earn the Mallards a share of the spoils.
Manager Mark Stafford made one change to the team that started the previous week’s victory over Queens University, with Ryan Morris replacing the suspended Dean Corrigan.
Ballinamallard made a bright start and had an opportunity to open the scoring after just two minutes when a cross from the left flashed across the six-yard box, but nobody could get a touch.
The home side enjoyed the majority of possession and came close to taking the lead when Nathan Sherry’s effort struck the post.
However, it was Warrenpoint who broke the deadlock in the 42nd minute.
Callan Farley hooked the ball down the line and the winger held off Sherry before whipping a cross towards the edge of the penalty area.
Michael Leddy headed the ball into Carroll’s path, and the striker produced a first-time finish from 15 yards past Kyle Gabbidon.
Ballinamallard responded in stoppage time at the end of the first half.
A right-wing corner was met by Ryan Morris, whose header struck the crossbar.
The ball looped back into the six-yard box, where Barker was on hand to head home and restore parity.
The Mallards’ hopes of building on that momentum were dealt an immediate blow two minutes into the second half.
Aaron Arkinson laid the ball back to Gabbidon, but the goalkeeper’s scuffed clearance fell to Powell.
From around 45 yards, the Warrenpoint midfielder struck the ball back over Gabbidon’s head and into the top corner to put the visitors ahead again.
Ballinamallard refused to be discouraged and drew level for a second time in the 57th minute.
Caolan Donnelly won possession on the edge of his own box and the Mallards broke at pace through Mayse.
He slipped the ball wide to Barker, who squared it for Donnelly as he continued his run.
Donnelly laid the ball back to Mayse, whose shot was blocked on the goal-line.
The rebound was then sliced into his own net by Conell McGrandles.
Both sides continued to search for a winner, with Sherry coming close to putting Ballinamallard ahead just after the 70-minute mark.
His effort appeared destined for the top corner, but the Warrenpoint goalkeeper produced an excellent save to keep the scores level.
The teams continued to push for a decisive goal in the closing stages, but neither could find a breakthrough as the points were shared at Ferney Park.