The Premier League's leading scorer drew first blood with his 29th of the season and, although his opposite number had a hand in both of Tottenham's goals, the Uruguay international had the last laugh by winning the late spot-kick from which Steven Gerrard scored.
Centre-back Jan Vertonghen had scored twice after Suarez had put the home side ahead only for calamitous misjudgements by Kyle Walker and goalkeeper Hugo Lloris to gift Stewart Downing the equaliser.
Suarez showed again just how sharp he is in the penalty area with an instinctive first-half finish and while Bale's danger was restricted to crosses he could not match his rival's threat in the penalty area.
Jose Enrique held off Walker, slid a perfectly-weighted pass for Suarez to run onto and surprise Hugo Lloris at his near post with the outside of his right foot.
Gylfi Sigurdsson shot wide of Brad Jones' right-hand post with only the goalkeeper to beat.
Tottenham were level when Bale curled a left-footed cross over the head of Jamie Carragher, on his 500th league appearance, for Vertonghen to get in front of Glen Johnson and head home. And Bale played a part in Tottenham's second when his free-kick was weakly headed down by Carragher to Vertonghen who scored.
A trademark driving run by Bale saw him pick out Sigurdsson but his shot was deflected onto a post by Johnson.
Another mistake saw Liverpool level. Walker's attempted back-pass/crossfield ball let Stewart Downing nip in and drill a shot through the legs of Vertonghen on the line.
Another dreadful backpass, this time by Jermain Defoe, forced Benoit Assou-Ekotto to barge into Suarez. Gerrard stepped up to slot home his ninth goal of an increasingly profitable campaign.