Taylor earns Ashton Gate point.
Despite chances at both ends in injury time, it remained level and the final whistle meant three draws in three matches for the U's.
That goal came on seventy three minutes and the U's had to defend resolutely for the remainder of the game as Bristol looked for a winner.
The home side came back at the U's after the break, equalising through Sam Baldock's far post finish.
Matt Taylor put the U's ahead in the first half, with a powerful header from Luke Garbutt's left wing cross.
The U's have gained a point at Bristol City to make it three games unbeaten ahead of next Saturday's home game against Wolves.
Boss Joe Dunne stuck with the same eleven who started against Crawley last weekend at the Weston Homes Community Stadium.
He was still without Massey, Watt, Thompson, Eastman, Drey Wright, Mark Cousins and Ryan Dickson, so it was a young looking bench.
Keeper Shaun Phillips was joined by other youngsters Jordan Sanderson, Freddie Ladapo and loanee Jamie Sendles-White.
Even younger than that quartet, Sammy Szmodics was a substitute, having scored nine goals in seven youth team matches this season.
Clinton Morrison and Marcus Bean bought some seniority to the subs, as the U’s looked to improve on their twelfth place position.
The game started with both sides feeling their way in and the first ten minutes saw a wayward shot at each end.
Freddie Sears tried a chip that went well wide before Reid failed to test Sam Walker with a long range effort.
There was then a bit more danger in the U’s box as a left wing cross had to be touched away at the far post by Luke Garbutt.
Garbutt was in the action again on twelve minutes, with a yellow card for his crude challenge on Brendan Moloney.
Emmanuel-Thomas’ resultant free kick came to nothing as Matt Taylor headed clear and the Bristol forward’s follow-up shot was well wide.
Jeffrey Monakana caused problems for the home defence on twenty one minutes, gliding by two challenges before crossing low into the box.
Unfortunately, Sears, Ibehre and Gilbey all made similar runs and City were able to clear.
The Preston loanee then created a chance that did result in a U’s player benefiting, Sears shooting straight at Parish after begin found by Monakana.
On twenty five minutes, Wagstaff found a yard on the right and his cross was volleyed wide at the near post.
Sam Walker had to dive full length to his right to save a Wagstaff strike from distance, before Monakana had a shot deflected for a corner.
That corner led to the U’s opening the scoring, despite Luke Garbutt’s first cross being headed out.
Eastmond picked up the clearance, found Garbutt and the loanee’s cross was powerfully headed home by Matt Taylor at the far post.
Seconds later, Sears was on the attack but Ibehre shot over the bar when the ball was rolled to him on the right edge of the box.
Ibehre himself then ran at the home defence but he was stopped, with the loose ball volleyed wide by David Wright following up.
It was all U’s at this time, with another cross from Garbutt almost finding Monakana at the far post.
There was a scare at the other end on 38 minutes, when Sam Baldock blasted over from six yards out after getting clear from a left wing cross.
With four minutes to go until half time, Walker was in the perfect place to easily save from Emmanuel-Thomas at the near post.
It needed a better save from the U’s keeper a minute later, again from Emmanuel-Thomas, this time diving to his left to palm away a shot from the edge of the box.
The City striker then headed the resulting corner over the bar from just in front of the near post.
That was the end of the action in the first half, with Taylor’s header separating the sides.
Bristol City started the second half on the front foot, but failed to test Walker from two corners and a long range shot from Pack.
More pressure from the home side resulted in two more corners and a long throw being pumped into the box.
Taylor headed clear both the corners before Sam Walker misjudged the long throw but was relieved to see the ball cleared.
On the hour, Monakana was tackled and while he was down, Harewood shot wide after looking like he fouled Garbutt.
As Walker prepared to take the goal kick, Marcus Bean replaced Monakana, with the U’s forward looking like he was suffering with a calf problem.
Two more corners kept the U’s defending, with Taylor heading out the first and then Williams’ stabbing a tame effort at Walker from the second set piece.
Another effort from the home side then went well over the top, but the home side got a deserved equaliser on seventy three minutes.
A cross from the left found its way to the far post, where Baldock had time and space to control and shoot past Walker to put his side level.
The goal spurred the home side on and Emmanuel-Thomas was denied by a near post save after he came inside Garbutt and shot low looking for a second for City.
Harewood then dragged a shot from the edge of the box wide of the target, with referee hurrying Walker up as he dawdled over taking the goal kick.
It was all Bristol City at this stage of the game and Emmanuel-Thomas got the final touch to a McLaughlin cross, appealing in vain for a corner.
On eighty one minutes, Clinton Morrison replaced Sears and Eastmond also came off, with Sammy Szmodics making his U’s debut.
Gilbey drove forward on the left but Shorey cleared before the referee blew for full time with the scores level at 1-1.
Ibehre broke clear but never had the ball under control before being tackled, and then Baldock headed wide at the far post from a left wing cross.
In injury time, both sides had great chances to score, with former MK Dons players having the chance to be a hero.
On eighty nine minutes, the U's broke again, with Gilbey shooting straight at Parish from just outside the box.
That chance was on the break and play switched again to the other end on eighty five minutes, with Emmanuel-Thomas shooting just wide.
A minute later, Garbutt got a long range shot away, with Parish saving and holding on with Szmodics waiting to pounce on the rebound.