The opening half of La Liga action, as expected, was incredibly tight, with Real Madrid just shading the possession (54%), while both teams had two shots on target.
Atletico's Julian Alvarez was denied by Real Madrid goalkeeper Thibaut Courtois before Jan Oblak kept out Federico Valverde down the other end, and Jude Bellingham then saw an effort saved by the home side's stopper, with the two teams entering the half-time interval on level terms.
Real Madrid made the breakthrough in the 64th minute of the match, with Eder Militao firing home at the far post after Vinicius Junior had delivered a dangerous cross into the penalty box.
There was then a delay in the match, as some objects had been thrown onto the field after the opening goal, which led to Atletico boss Diego Simeone speaking with the home supporters in an attempt to calm proceedings.
Eventually the play resumed, and Oblak was almost immediately called into action again to keep out a brilliant drive from Vinicius, with Real Madrid starting the better after both sides made their way back onto the field.
Atletico made changes in an attempt to force their way back into the contest, and they spectacularly levelled through Correa in the 96th minute; the goal was initially disallowed for an alleged handball, but replays showed no offence, with the forward's close-range finish securing a point for Diego Simeone's side, who had Marcos Llorente sent off for a poor challenge late on.
Despite the late disappointment, Real Madrid have extended their unbeaten run in La Liga to 40 matches, just three shy of Barcelona's record from 2017-18.
Carlo Ancelotti's side remain second in the table, three points off leaders Barcelona, while Atletico stay third, five points off the summit after eight matches.
ATLETICO VS. REAL MADRID HIGHLIGHTS
Eder Militao goal vs. Atletico Madrid (64th min, Atletico 0-1 Real Madrid)
Real Madrid make the breakthrough in the 64th minute of the contest, and it comes from Militao, as the centre-back fires into the back of the net at the far post after a cross from Vinicius.
The defender's effort takes a deflection off Llorente and ends up in the goal.
Angel Correa goal vs. Real Madrid (96th min, Atletico 1-1 Real Madrid)
Atletico incredibly level the scores in the final exchanges, with Correa bundling the ball home after rounding Courtois.
Initially, the effort is chalked off, with Correa alleged to have handled the ball, but replays showed that it was a legal goal, and Atletico have secured a share of the spoils in the final exchanges here.
98th min: Marcos Llorente red card vs. Real Madrid
Atletico are reduced to 10 men in the latter stages of the Madrid derby, with Llorente handed a straight red card, following advice from VAR, following a terrible challenge on Fran Garcia.
MAN OF THE MATCH - EDER MILITAO
Militao made the breakthrough with his goal in the second period, but it was his overall performance that earns him the man-of-the-match award, with the Brazilian in excellent form at Wanda Metropolitano.
The 26-year-old won two aerial duels and finished with a pass success rate of 84%, and although he ultimately could not help his side secure a clean sheet, it was still a brilliant performance from the centre-back.
ATLETICO VS. REAL MADRID MATCH STATS
Possession: Atletico 51%-49% Real Madrid
Shots: Atletico 12-10 Real Madrid
Shots on target: Atletico 4-4 Real Madrid
Corners: Atletico 5-5 Real Madrid
Fouls: Atletico 11-11 Real Madrid
BEST STATS
WHAT NEXT?
Both teams will now switch their attention to the Champions League, with Real Madrid taking on Lille in the competition on Wednesday, while Atletico will tackle Benfica in Portugal on the same night.
Real Madrid will then return to La Liga action at home to Villarreal on Saturday, bidding to stretch their unbeaten run in the competition to 41 games, while Atletico face a trip to Real Sociedad on Sunday night.