Tyler Roberts scored both goals as QPR came back from two down to earn a point.
Jeff Hendrick, who failed to impress while on loan with the R’s during the second half of last season, scored twice in the first half.
Hendrick put Reading ahead with a sizzling 25-yard strike and doubled their lead by tapping in the loose ball after keeper Seny Dieng had parried Andy Yiadom’s shot.
But the visitors hit back after the interval, with loan signing Jamal Lowe making an immediate impact after coming on as a second-half substitute for his debut.
Lowe set up Roberts, who fired home to give Rangers hope.
And they equalised with 10 minutes remaining, when Ilias Chair’s ball into the box ricocheted towards Roberts, who netted from close range.
QPR: Dieng, Laird, Dickie, Dunne, Paal, Field, Ireogbunam (Dozzell 90), Chair, Willock (Lowe 64), Roberts (Richards 86), Dykes.
Subs not used: Archer, Kakay, Clarke-Salter, Adomah.