Rodri scored from the penalty spot before Dani Olmo doubled Spain's lead with a brilliant solo effort.
Rodrygo pulled one back for Brazil just before the break and 17-year-old Endrick levelled five minutes after coming on at half time.
Rodri made it 3-2 with another penalty before Paqueta's 96th-minute equaliser.
It was Real Madrid-bound Endrick's second Brazil goal in the space of four days, after he became the youngest male goalscorer for club or country at Wembley stadium in the 1-0 win over England on Friday.
Luis Enrique's Spain, meanwhile, end this international break without a win after losing 1-0 to Colombia at West Ham's London Stadium.
Line-ups Spain Formation 4-2-3-1
20Carvajal5Le Normand14Laporte2Cucurella
8Ruiz16Rodri
19Yamal10Olmo11Nico Williams
23Simon 20CarvajalBooked at 51mins 5Le NormandBooked at 34minsSubstituted forCubarsiat 81'minutes 14LaporteBooked at 42mins 2Cucurella 8Ruiz 16Rodri 19YamalSubstituted forNavasat 90+2'minutes 10Olmo 11Nico WilliamsSubstituted forSancetat 89'minutes 7MorataSubstituted forOyarzabalat 81'minutes Substitutes 1Raya 3Grimaldo 4Zubimendi 6Merino 9Moreno 12Joselu 13Remiro 15Baena 17Sarabia 18Sancet 21Oyarzabal 22Navas 24Porro 25Vivian 26Cubarsi Brazil Formation 4-3-3
2Danilo14Soares de Faria25Lopes Beraldo6Wendell
8Lucas Paqueta5Bruno Guimaraes15Joao Gomes
11Raphinha10Rodrygo7Vinicius Junior
1Krepski 2DaniloSubstituted forBueno Coutoat 45'minutes 14Soares de FariaBooked at 50mins 25Lopes BeraldoBooked at 90mins 6Wendell 8Lucas PaquetaBooked at 58mins 5Bruno GuimaraesBooked at 42minsSubstituted forTrindade da Costa Netoat 45'minutes 15Joao GomesSubstituted forPereiraat 45'minutesBooked at 85mins 11RaphinhaSubstituted forMoreira de Sousaat 45'minutesBooked at 78mins 10RodrygoSubstituted forRodrigues do Nascimento Galenoat 82'minutes 7Vinicius JuniorSubstituted forDouglas Luizat 71'minutes Substitutes 3Cerqueira Paim 4Bremer 9Richarlison 12Pires Monteiro 13Bueno Couto 16Aquino Cossa 17Trindade da Costa Neto 18Douglas Luiz 19Pereira 20Moreira de Oliveira 21Moreira de Sousa 22Rodrigues do Nascimento Galeno 23Jardim 24Dantas de Medeiros 26Goncalves Maia Fortunato Referee: Antonio Nobre Match Stats Live Text Post update