A late own goal by Southend defender Leon Cort brought this battle of the Division Three strugglers level at Whaddon Road after the visitors had looked destined for their third consecutive away win.
Drewe Broughton had put the Shrimpers ahead 20 minutes from time but when Cort diverted a cross from substitute Paul Brayson past his own goalkeeper three minutes from the end it meant a huge collective sigh of relief from most of those present in the 4,551 crowd.
The first half was tightly contested with little to choose between the two teams and much of the play confined to a heavily populated midfield area.
Cheltenham went close with two shots from distance - the first from Martin Devaney and the second by John Finnigan - while Drewe Broughton sent a shot inches over the crossbar for Southend.
The Robins were enjoying the greater share of possession without being able to trouble the Southend defence until moments before the half-time break.
At that point Damian Spencer spun away from his marker and fired a missile of a shot at goal that rattled the post and rebounded back into play.
Grant McCann directed a cross back into the danger area but veteran striker Bob Taylor was unable to get his shot on target.
Broughton hit the base of a post with a shot at the start of the second half and it was the big striker who looked to have given his team a vital win when he raced onto a loose ball on the edge of the area and beat goalkeeper Shane Higgs with a low shot.
After that Southend felt aggrieved that they had a goal by Jay Smith disallowed with only seconds left on the clock.
The equalising goal was probably no more than Cheltenham deserved, although the draw was a result that left neither team particularly satisfied.