The two Fife rivals were separated by 14 points before Danny Lennon's side arrived at New Bayview, but on the basis of this match, you'd have struggled to know it.
Boss Stevie Crawford had slated his side's slow start in the previous home derby,
so it was no surprise when his side came out of the traps flying, with Lloyd Young heading over inside a minute.
The Fifers took the lead on the quarter of an hour mark when Bobby Linn started and finished a move by knocking a short free kick to Shaun Fagan, who sent a looping cross towards Jonathan Smart.
The big defender's header was well saved by David Hay but he could only palm into the path of the onrushing Linn, who had a simple tap home.
Cowden pulled level 15 minutes later when Gareth Wardlaw scored his first of a brace when he slammed low past Michael Brown from 12 yards.
Crawford's men pushed to take the lead again and were offered an opportunity when Scott Linton hacked down Jamie McCunnie inside the box.
However, Paul McManus pulled the spot kick wide.
But the Methil men did eventually regain the lead when Lloyd Young arrived late at the back post to meet a deep Paul McManus cross.
Sadly, though, Wardlaw again popped up minutes from the death when he was offered enough space to fire in an effort which left Brown well beaten.
McManus passed up a glorious chance to take all three points in the dying seconds, but he failed to connect with the ball, with the goal at his mercy.
Assistant boss Crabbe said: "It was a right good game and a credit to the league.
"With the penalty and then Paul's miss right at the end, I thought we had the chances to win the game but these things happen.
"Paul's in the dressing room gutted but we've told him not to think about it, because he's been brilliant for us this season."
East Fife – Brown, Watson, Ovenstone, Fagan, Smart, McCunnie, Crawford, Young, McManus, Muir, Linn (Conway 85). Subs (not used) Sludden, Cargill, Kerr, Stobie.
Cowdenbeath – Hay, Armstrong, Linton, Winter, Baxter, Mbu (Droudge 25), Fairbairn, McQuade (Ferguson 77), Wardlaw, Robertson, McBride (Ramsay 63). Subs (not used) Stein, Bower.
Referee – J. McKendrick.
Attendance – 866.
Starcheck – Linn 3 points, Brown 2, Young 1.
Starcheck ratings – Paul McManus 18, David Muir 16, Stewart Baillie 13, Lloyd Young 12, Aaron Conway 8, Bobby Linn 7, Bob Campbell 6, Jamie McCunnie 6, Guy Kerr 5, Jonathan Smart 5, Mark Staunton 5, Scott Thomson 4, Steven Campbell 3, Darren Gourlay 3, Paul Nugent 3, Michael Brown 2, Stevie Crawford 2, Mark Ridgers 2, Keith Watson 2, Shaun Fagan 1, Stuart Cargill 1, Jordyn Sheerin 1, Paul Sludden 1.
