Liverpool, who were knocked off the top of the table by United on Saturday after seven weeks in the lead, appeared all set to reclaim the spot after a superb Steven Gerrard goal put them ahead after 68 minutes.
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The draw, Liverpool's fifth in 11 league matches at Anfield, saw them pull level with Manchester United on 47 points but the champions stay top on goal difference and now have a game in hand. Everton remain sixth with 36 points.
"When you are top of the table and you are winning with three minutes to go (and draw) -- you have lost two points," Liverpool boss Rafa Benitez told Setanta Sports.
"I thought we had all the control in the second half and more possession, but to concede a goal three minutes from time like that you have to be disappointed."
Everton scorer Cahill told Setanta: "We needed that point and for us and our fans it's a massive result."
Torres timed his shot to perfection, but with only Howard to beat from six metres out, fired against the goalkeeper's left-hand post and the ball bounced wide.
Everton's best chance of the opening half had come two minutes earlier when Cahill climbed to meet Victor Anichebe's cross and saw Pepe Reina tip the ball to safety.
Everton's players thought they had a claim for a penalty just before Liverpool scored when Anichebe appeared to be brought down by Martin Skrtel but the referee waved play on.
Torres also claimed a penalty when he seemed to be sent tumbling by Everton defender Phil Jagielka but Jagielka said afterwards: "I think he shimmied, gone to one side, gone back into me and gone over. Thankfully the ref saw it that way."
