A diving header from striker Arouna Kone put Levante ahead in the 23rd minute, before midfielder Manuel Arana leveled for Santander just past the hour.
The draw leaves Levante without a win in six games since they beat Sevilla 1-0 in December and it puts them on 32 points, four behind Valencia, who has a game in hand.
Athletic Bilbao were on the verge of leapfrogging Levante into the fourth Champions League qualifying spot, but they conceded a stoppage-time goal in an entertaining 3-3 draw at home to RCD Espanyol.
Barcelona-based Espanyol are fifth on 32 points, behind Levante on goal-difference, with Bilbao two points back on 30 and Atletico Madrid on 29 in seventh.
RCD Mallorca climbed away from the relegation places when Gonzalo Castro’s splendid first-half free-kick was enough for a 1-0 win at home to Real Betis Balompie.