It was the home side who made all the running from the kick off but it was the tenth before they threatened, a Shane Sutherland free kick from 20 yards that faded past the right hand post.
The Blue Brazil response was immediate, a Robert Buchanan cross from the right and a Blair Malcolm header at the back post that looped wide.
Peterhead attacked again and a fierce Jack Leitch volley fizzed over from 12 yards followed soon after by a Sutherland shot that cracked the crossbar following a Rory McAllister cross as the game came to life.
The breakthrough came in the 27th minute and it was as route one as you can get, a giant kick out from keeper Greg Fleming that McAllister ran onto and skilfully finished with a deft finish from inside the area to the left of goal.
It should have been two a couple of minutes later but defender Jason Brown failed to hit the target.
Just when it looked like Peterhead were heading to the break with a slender advantage the visitors levelled with a well worked goal, Jordan Allan with a precise low cross from the right and former Blue Toon striker David Cox slid the ball into the net from eight yards out.
The second half was only five minutes old when the Blue Toon deservedly retook the lead, a pinpoint cross from the left side of the penalty area by left back Paddy Boyle and a bullet header by Scott Brown.
It should have been game over in the 55th minute, Willie Gibson sending Ryan Dow clear through the centre of the visitors defence with everyone including Dow expecting the offside flag to go up.
It didn’t and the midfielder wasted a glorious chance putting the ball straight at keeper David McGurn.
Cowdenbeath had a chance to level again but defender Robbie Deas sent a header over from a corner.
That miss sparked an intense spell of home pressure with shots peppering the home goal from a McAllister free kick then a Leitch shot blocked on the line.
With the clock running down Cowdenbeath should have scored, a Fraser Mullen free kick well saved by Fleming with Deas heading the rebound wide.