The home side took an early lead when Firminho scored inside 10 minutes but Olivier Giroud replied just four minutes later with the equaliser.
Firminho gave his side the lead once again just five minutes later but this time Ramsey was on hand for his sides second equaliser.
Arsenal took the lead for the first time with a brilliant pivot and shot which gave the Reds keeper no choice just 10 minutes after the interval and had looked to bag all three points until Joe Allen levelled the scores just before the final whistle.
Gunners boss Arsene Wenger gave in-form playmaker Mesut Ozil a spot in the starting lineup but despite his side scoring three times he got neither an assist nor a goal.
Liverpool midfielder Emre Can did however, manage to provide an assist setting up Firmino with the opening goal.
Can put on a swashbuckling performance in midfield making the highest number of tackles (5) as well as several key interceptions and clearances.
The draw saw Liverpool move into 9th point meanwhile Arsenal were able to just about keep onto the number one spot on goal difference after Leicester City beat Tottenham at White Hart Lane.
Liverpool v Arsenal
Kick-Off: 19:45 GMT
Liverpool confirmed starting lineup:
Mignolet, Clyne, Toure, Sakho, Moreno, Henderson, Milner, Can, Lallana, Ibe, Firmino.
Subs: Ward, Caulker, Smith, Lucas, Allen, Teixeira, Benteke.
Manager: Jurgen Klopp
Arsenal confirmed starting lineup:
Cech; Bellerin, Mertesacker, Koscielny, Monreal; Flamini, Ramsey, Walcott, Ozil, Campbell; Giroud
Manager: Arsene Wenger
Goals: 10′ & 19′ Firminho, 14′ Ramsey, 25′ & 55′ Giroud, 90′ Allen