MK Dons goalkeeper David Martin was the hero as his penalty save denied Lee Novak a late winner for Huddersfield.
Following early dominance the Terriers took the lead when Scott Arfield finished from close range after Alan Lee's header came back off the post.
Dean Lewington lashed home an equaliser for the hosts after Ian Bennett parried Gary MacKenzie's initial effort.
MacKenzie saw red for stamping on Alan Lee in the area but Novak's spot-kick was wonderfully saved by Martin.
The result means Huddersfield, who have not lost in 34 league games - a record outside the top flight in England, remain in third place in League One.
MK Dons stay in fourth, level on points with the Terriers with a game in hand.
VIEWS FROM THE DRESSING ROOM
MK Dons manager Karl Robinson tells BBC Three Counties Radio:
"I think I got it wrong first half, I think I got the team wrong. I tried something that maybe didn't work. We changed it second half and were a much better team.
"They are a good team, 35-36 games unbeaten and they showed why. They have strength in depth. I've got four youth team players on the bench, I haven't got a squad to compete with that.
"You have to accept the point and we do accept the point. The fans were excellent and the players were excellent. We are one football club and days like today are very special to me."