The first match at Selhurst Park ended 0-0, with neither side playing well or looking remotely threatening.
Dominic Calvert-Lewin was sent off for an innocuous challenge on Nathaniel Clyne after a VAR review.
However, the striker's three-match ban was overturned by the FA after an appeal from Sean Dyche's men.
The winner of this tie will host Luton or Bolton in the fourth round.
Crystal Palace vs Everton: Financial woes
The Toffees Premier League campaign is being made much harder than it should be because of a points deduction.
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Why do Everton, and Nottingham Forest face points deductions?
Everton and Nottingham Forest break spending rules and could face points deduction
Top-flight bosses hit Everton with a ten-point deduction after they were found to have broken Profit and Sustainability rules.
Things got worse after they were found to have breached more financial rules.
This could lead to yet another points deduction, which would leave Everton in deep relegation trouble, which means a cup run could become an unwelcome distraction.
However, the fans will still be more than up for this and you can expect some form of anti-Premier League display or chants from the Goodison faithful.
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Everton are unbeaten in their last eight home games against Crystal Palace in all competitions (W5 D3), since a 3-2 defeat in September 2014.
Crystal Palace have lost two of their three FA Cup away games against Everton, winning the other 6-0 in January 1922. The defeats they suffered both came in replays (March 1907, January 1972).
Everton vs Crystal Palace: Team news
The hosts will be without Dele Alli and Idrissa Gana Gueye.
Dele is still recovering from a long-term issue and Gueye is away on Africa Cup of Nations duty with Senegal.
Meanwhile, Ashley Young could return.
Palace have a few players who definitely won't be involved, including Cheick Doucoure, Joel Ward and Michael Olise.
Jordan Aye is in the Ivory Coast with Ghana for the AFCON, leaving Roy Hodgson's options limited.
Everton have won their last four FA Cup replays played at home, since losing 3-2 against Bolton in the third round in 1993-94.
Crystal Palace have been eliminated from three of their last four FA Cup third round matches, with the exception coming in 2021-22 when they reached the semi-final.
This is Crystal Palace's first FA Cup replay since the 2016-17 third round, beating Bolton 2-1 at Selhurst Park.
Everton vs Crystal Palace: What has been said?
talkSPORT's Simon Jordan has had his say on Everton's situation.
He said: "They coped to it. They haven't missed Financial Fair Play by £9million. They've missed it by £250million.
"They were allowed to make a series of adjustments, including COVID and interests payments and costs of capitalisation on their new stadium.
"All of that was allowed to be included, and they still missed it "
Everton vs Crystal Palace: talkSPORT coverage
This FA Cup third round replay is scheduled to take place on Wednesday, January 16.
Kick-off at Goodison Park is scheduled for 7:45pm.
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talkSPORT will have live coverage from Merseyside, with Adrian Durham serving as your presenter.
Commentary will then come from Ian Danter and former England defender Danny Mills.