It took England winger Saka just nine minutes to open the scoring on his return from a hamstring injury only for Virgil van Dijk to equalise for Liverpool.
Arsenal, however, regained the lead towards the end of the first half through Mikel Merino only for Mohamed Salah to rescue a draw for the visitors nine minutes from time.
The result left Arsenal, last crowned champions of England 20 years ago, third in the table but five points behind leaders Manchester City and four adrift of Liverpool after nine games.
Mikel Arteta's men dominated the first half but failed to turn that superiority into more goals.
"We're disappointed," said Saka. "I feel like we didn't show our best selves for 90 minutes. We believe we should have won it.
"For sure, there's definitely some positives. Liverpool are a top team, and credit to them.
"But the overall feeling is that we didn't show our best selves for the whole game, especially more in the second half, and it cost us in the end."
Saka was a major doubt heading into Sunday's match after missing Arsenal's previous two games with a hamstring injury he suffered on international duty.
In the end he was fit to play and marked his comeback with a 50th goal in the Premier League.
"Hopefully that can push us to some silverware as well," added Saka, who at 23 years and 52 days became the youngest player to reach the milestone for the Gunners.
"I hate to miss games, so I was buzzing to be back. I had this game in mind to come back for and I was feeling good out there, and I was happy to get an early goal."
Arsenal ended the game with a makeshift and untested back four after Gabriel was forced off with a knee injury, while Jurrien Timber was also unable to complete the match.
But Gunners manager Arteta can now call upon William Saliba again after the centre-back served a one-match suspension following his red card in the defeat at Bournemouth.
Arsenal are away to Preston in the League Cup on Wednesday before travelling to Newcastle in the Premier League on Saturday.
