Watford took the lead against the run of play in the 13th minute. Jose Holebas crossed into Bournemouth's box from a short corner and defender Kiko Femenia's shot flew past goalkeeper Asmir Begovic after a deflection off striker Joshua King.
A moment of madness from Holebas at the other end brought the visitors level. The Greek international handled the ball out of play after Watford goalkeeper Orestis Karnezis parried Junior Stanislas' effort and King stepped up to score from the penalty spot.
Pereyra put Watford back in front four minutes into the second half, stroking the ball in from close range after being set up by midfielder Will Hughes.
A desperate long ball from inside Bournemouth's half was nodded into the path of striker Defoe, who held his nerve to tuck it into the net and secure an important point for his team.
Bournemouth are 10th in the table with 37 points from 32 matches, level on points with Watford who are one place below them on goal difference.
"I'm delighted with the point, it's a massive goal from Jermain and a massive point for us," Bournemouth manager Eddie Howe said.
"He's not just an impact sub... he's a massive part of what we're doing. Today he showed his value as there's nobody else you want that ball to fall to in the situation."
Watford boss Javi Gracia was happy with the effort of his players despite conceding late on.
"We've got to dust ourselves down and get ready for next week, it's frustrating to concede like we did after dominating for large periods of the game," he said.
(Reporting by Shrivathsa Sridhar in Bengaluru, editing by Ed Osmond)
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