A terrific match that looked like it might struggle to yield a goal gave us four in the space of nine minutes mid-way through the second half as Derry twice came from behind to earn a point against a resilient UCD, who finished with 10 men.
College ran the first half, really testing the best defence in the country on several occasions, but they lacked the crucial killer instinct in front of goal as the chances went abegging.
Mick O'Donnell and Robbie Martin forced early saves from Russell Payne before Ciaran Martyn scuffed a shot wide at the near post on 14 minutes after the Derry defence was carved open.
Passing well, UCD opened Derry up again on 28 minutes, John Martin drilling wide across goal from brother Robbie's cross.
Derry never threatened until the 33rd minute, when Liam Coyle's diagonal ball put Tommy McCallion in, but Barry Ryan saved with a fine parry. Coyle was then inches wide with a curling free kick minutes later.
A wonderfully-contrived goal lit up the game on 60 minutes as Martyn laid off Eoin Keating's pass for O'Donnell to put UCD in front with a sweetly-struck left-foot drive from the edge of the area.
Before you could blink, Derry had equalised, Tommy McCallion collecting Gary Beckett's pass to beat Ryan, courtesy of an unfortunate bobble.
But UCD were in front again within a further minute, the Martin brothers combining as John put Robbie in to lob Payne.
Six minutes later Ryan's clearance from Tommy McCallion's cross went straight to Coyle, who picked his spot for a fine equaliser.
UCD showed their resolve for the last 15 minutes after central defender Clive Delaney was sent off for a second bookable offence.
Derry substitute Stephen Parkhouse shot against a post two minutes from time, while Ryan bravely saved Padraig Moran's follow-up as UCD held out.
"It was a really exciting game and if there were more like it the league would be the better for it," said Derry manager Kevin Mahon.
"Having said that, we are disappointed not to have won it on our second-half display. We fell asleep for their two goals, which is very unlike us.
"It's the first time we've conceded two in the league all season so that's annoying.
"This keeps us in touch, but it's five draws in a row and that's not really good enough."
UCD: B Ryan; Keating, Delaney, McDonnell, D Ryan, J Martin, Doolin, McNally, O'Donnell, Martyn (McAuley 77 mins), R Martin.
DERRY CITY: Payne; McLaughlin, Kelly, E McCallion, Hargan, McGlynn, Doherty, T McCallion, McGlynn (Parkhouse 80), Beckett, Hughes (Moran 62), Coyle.
Referee: J O'Neill (Waterford).
