Both teams scored from the spot, with Terror Fanteni converting right at the end of the first half and then Erwin Isaacs equalised from the rebound in the final minute of the game.
Opening moments were tense and there were no real clear-cut chances in the first half.
Santos though had the better of the final 20 minutes of the stanza, but although Sekou Camara and Graham King had chances, neither were able to test Hans Vonk.
Tyren Arendse and Erwin Isaacs were prominent in creating the chances for the home side, while for Ajax, Fanteni and Thulani Serero looked their biggest threats.
Fanteni scored in the 45th minute, comfortably converting from the spot after Wayne Arendse had fouled Serero.
The Urban Warriors were more dominant in the second half, looking likely to score a second, while hardly giving Santos a sniff at goal.
They nearly were 2-0 up in the 58th minute, but Fanteni saw his clever chip come back off the post.
Tshepo Motsoeneng had no choice but to put in a man-of-the match performance as he made fantastic saves from Sameehg Doutie and a Serero free kick.
The team in red and white appeared to have all three points in the bag as they comfortably absorbed Santos’ attacks, or kept the Peoples’ Team on the back foot with attacks of their own.
But Santos upped the tempo in the closing stages and after Musa Otieno had blasted a shot over, they were awarded a 92nd minute penalty when Romano Scott was held back by Brett Evans.
Isaacs had his spot kick saved by Vonk, but had the speed and presence of mind to follow up wit the rebound.
Ajax Cape Town (1) 1 (Fanteni 45’ pen)
Santos (0) 1 (Isaacs 92’ pen)
TEAMS
Ajax (4-4-2): Vonk; Hlatshwayo, Allie, Daniels, Evans; Doutie, Maluleka, Scott, Billiat (Rusike 60’); Serero, Fanteni
Santos (4-4-2): Motsoeneng; Mponda, Otieno, W Arendse (Roelf 70’), Van Beulen; Basie (Macala 79’), T Arendse, S Arendse, King; Camara (Scott 60’), Isaacs.