The home side dominated the first half and forced Forest to rely on goalkeeper Paul Smith, who produced two saves of particular quality.
Hal Robson-Kanu managed to get the better of Smith in the 20th minute, placing a shot into the far corner of the Forest goal having been allowed to run clean through on goal.
Franck Moussa hit the post soon after, having been gifted the ball by Grant Holt's bizarre clearance that flew across the face of the Forest goal.
The replacement of strikers Holt and Junior Agogo by Matt Thornhill and Nathan Tyson at half-time gave Forest a much needed boost which led to their equaliser 65 minutes in.
Tyson was played in by Julian Bennett and the former Wycombe hitman crossed well from the left to Thornhill, who finished cleanly at the back post.
Forest pressed on in search of a second goal, but Tyson hit their best chance wide after a Chris Cohen through ball.
The Shrimpers almost nicked it at the end though, as Smith was forced into a good, low save following Mark Gower's 25-yard effort.
The draw left Forest sitting comfortably in the play-off positions, five points above Leeds in seventh, though the away side will have been disappointed that they couldn't finish off Southend.
Southend are also above Leeds, though by just three points, but have now gone five games unbeaten as they enjoy a late surge up the League One table.