The Black Sticks Women have been pegged back from two goals up to tie 2-2 with Argentina in the fourth of six Tests in Buenos Aires.
Goals to Jordan Grant and Olivia Merry gave the Kiwis a solid buffer against their South American rivals, but they couldn't see the lead out to the end.
Argentina reduced the arrears just before half-time through Eugenia Trinchinetti, before Maria Grantto levelled the scores with two minutes remaining.
Down 2-1 in the series, the Black Sticks will now need to win both of their final games to take the title home.
Assistant coach Sean Dancer said the side had improved considerably on their 3-0, third-Test defeat on Friday.