Sammy Clingan gave Kilmarnock the lead within a minute of the restart with a long-range strike, before Ryan McGivern levelled five minutes from time.
The visitors regained the lead soon after through Jude Winchester, only for Leigh Griffiths to earn Hibs a point with a third goal in as many minutes.
It was the crescendo to a scintillating second half that had nothing in common with a dull first 45 minutes. A couple of Griffiths efforts from distance were all Hibs could muster before the interval, while their opponents had the best chances playing on the counter-attack.
Clingan came the closest in the opening 45, hitting the bottom of Ben Williams' left-hand post with a free-kick. The hosts ignored Clingan's capabilities and were made to pay less than a minute into the second half. He picked the ball up 30 yards from goal, before riding a challenge and unleashing a swerving strike that nestled into the far corner.
Hibs began to dominate the play and had Griffiths go close once again. With five Kilmarnock players in close attendance the forward changed his direction, outsprinted two would-be challengers and narrowly missed the frame of the goal from 25 yards.
It was an impressive moment from the striker but it paled in comparison to a Rory McKeown effort up the other end of the park. Receiving a bouncing ball from Clingan, the full-back lobbed the ball over the closing Paul Cairney and then twisted his body sideways to connect on the half-volley and send the ball crashing back off the far post.
It proved a mere prelude to the goal flurry in the closing stages. The home pressure finally paid off with McGivern rising highest to power a header into the far corner.
However, the next time they touched the ball they were 2-1 down. William Gros fed Winchester on the corner of the penalty area. The young attacker was a yard inside the box but had little to aim at with plenty of bodies in his way - however he curled an inch-perfect effort that rested in the back of the net off the outside of the far post.
But battling Hibs levelled for a second time. A ball into the box dropped for Eoin Doyle, who somehow could only hit the post from close range. Thankfully for Doyle and the Easter Road support Griffiths was there to flick home the rebound for his 19th goal of the season.