On the back of a first defeat in four matches at Chelsea, Reading welcomed a Liverpool side who had lost their last five league games.
It was the visitors who broke the deadlock 10 minutes in. Former Royal Kirsty Linnett crossed from the right and it was expertly steered home by Courtney Sweetman-Kirk on the volley.
Reading's response to falling behind was promising. Maz Pacheco fired over the bar before Fara Williams saw her long-range effort tipped to the bar by Liverpool goalkeeper Anke Preuss.
The Reds were looking a continuous threat out wide on the counter-attack. Linnett managed to work some room before curling an effort towards the far corner. Grace Moloney was equal to it, though, diving across to push it round the post.
The Royals were on the front foot at the start of the second half and Williams came close with a few efforts on goal from distance.
On 62 minutes, Reading did level the scoring when Williams struck a low free-kick which found the far bottom corner. However, Liverpool went back in front six minutes later through Sweetman-Kirk again. She met Jess Clarke's deep cross before steering the ball home from an unmarked position.
Reading piled on the pressure in search of another equaliser. They eventually found it through a sublime strike from Williams. The veteran, on her 100th WSL appearance, curled an effort from almost 30 yards into the top corner on 84 minutes.
Kelly Chambers' side could have taken all three points late on after another Williams shot was saved before Remi Allen's effort grazed the outside of the post with the last kick of the game.
After the game, manager Kelly Chambers said: "We weren't good enough in the first half. We didn't execute the game plan and that's the frustrating thing. Where we are right now, we want to be competing higher up the league and we've dropped points today."
"The positive is that we haven't lost. We've gone behind twice but haven't lost the game. I'm still waiting for five or six players to come back into the squad which I think will make a huge difference."
Reading: Moloney, Pacheco, Williams, Pearce (c), Furness, Allen, Davison, Harding, Estcourt (Bartrip 73), Chaplen, Potter.
Unused subs: Jane, Laws, Woodham, Harries.
Goals: Williams (62, 84).
Yellow: Furness, Williams
Liverpool: Preuss, Matthews, Robe, Roberts (C. Murray 63), Fahey, Bradley-Auckland, Clarke, Coombs, Sweetman-Kirk (Thomas 90), Linnett (Little 73), S. Murray.
Subs not used: Kitching, Rodgers, Daniels.
Scorers: Sweetman-Kirk (10, 68)
Referee: Josh Smith