After a dour first half, Morten Gamst Pedersen headed Blackburn Rovers in front from Jason Roberts' cross, but with just seconds of normal time remaining, Bullard struck a sublime set-piece to earn his side a share of the spoils.
Before the game, Rovers boss Mark Hughes made one change to the side that won 1-0 away at Newcastle, with Tugay coming in for the injured Brett Emerton.
Roy Hodgson, on his return to Ewood Park, made three changes to the side that lost 3-0 at home to Manchester United, with Kasey Keller, Leon Andreasen and Clint Dempsey replacing Antti Niemi, Moritz Volz and Brian McBride.
In torrential conditions, both sides took time to find their feet.
Zurab Khizanishvili was possibly lucky not to be penalised on 11 minutes when he appeared to tug back Eddie Johnson, as the American striker looked to run through on goal, while at the other end Rovers persistently looked to get balls into the box from the left.
The home side passed and probed, with Roque Santa Cruz twice denied by last-ditch tackles, while Khizanishvili headed a David Bentley corner straight into keeper Keller's arms.
As the rain eased off after the break, the chances duly followed, with both sides denied by the woodwork inside the opening quarter of an hour.
On 54 minutes, Paul Konchesky looped the ball onto his own bar as he made a vital interception to halt Steven Reid's run and just four minutes later Khizanishvili allowed Johnson time and space to shoot, but the Fulham forward's crisp effort skimmed off the stanchion.
And just 60 seconds later, Rovers took the lead. Hughes had gambled with the introduction of both Matt Derbyshire and Roberts and the latter claimed the assist.
Roberts delivered the cross from the right and Pedersen, who appeared to hall his marker Paul Stalteri to the ground, powered home a free header from close range.
The home side started to dominate, with Roberts' deflected shot comfortable for Keller, Pedersen curling a fantastic free-kick inches past the post and Bentley drilling the ball into the side net.
Roberts ought to have sealed a third straight win for the team in blue and white six minutes from time, only to be denied by the onrushing Keller.
And the miss proved costly as the visitors, who have now gone 31 games without an away league win, equalised with their next attack. Chris Samba was penalised for high feet and Bullard fired home the free-kick from the edge of the box.