The visitors dominated from the kick off and James Keating tested Blue Toon keeper Greg Fleming in the seventh minute from 20 yards but brave defending from Mick Dunlop partially blocked the shot taking the sting out of it.
On the half hour mark the home side felt they should have had a free kick after Aiden Smith looked to have been manhandled to the ground by Jamie McCart just outside the area but referee Steven Reid puzzled most inside Balmoor by waving play on.
After 37 minutes, Peterhead’s best chance, Smith crossing from the right side of the area for Scott Brown to head narrowly wide as the game became stretched and more entertaining.
As half time approached Gary Fraser flashed a shot wide as Peterhead ended the half on a positive note.
That continued into the second period and five minutes in they should have taken the lead, Scott Brown had a chance to shoot but elected to slip the ball to his right for Jamie Stevenson who saw his angled shot blocked.
Inverness had a glorious chance to score themselves three minutes later, Tom Walsh with a cross from the right to the back post but with goal at his mercy, James Vincent sent a header crashing off the left hand post.
Just after the hour it was the Blue Toon again getting the home crowd on their feet, Smith turning inside before unleashing a low shot which was well saved at the expense of a corner by keeper Mark Ridgers.
A fine save low to his right by Ridgers from Brown then a long range rocket from Gibson saw the home side rock their Highland visitors but almost immediately they responded with a Jordan White header pushed wide by Fleming.
Another top notch save from Ridgers denied a power header by Mick Dunlop following a corner then the centre half was at it again, this time hitting the crossbar as the pace intensified.
Despite the drama there were no goals so it was straight to penalties to earn an extra point....
After five immaculate spot kicks each it was left to the goalies to decide matters. Ridgers shot wide and Fleming hit the back of the net to end a night of drama and entertainment.