A Joan Verdu penalty was cancelled out by Oscar Gonzalez's header, as Espanyol failed to win for the seventh game in a row.
The visitors' started the game full of attacking intent and could have gone a goal up early on, but Wakaso Mubarak could only fire over from the edge of the area.
More chances fell to the Periquitos', with first Rui Fonte and then Mubarak, again, missing the target. And that wastefulness was almost pounced upon by Valladolid, but Oscar could only head over. Mauricio Pochettino's side then went down to ten men, as Victor Alvarez was given a pair of bookings in quick succession at the end of the first half.
Verdu had his effort saved in the second period, but Mauricio Pochettino's side finally went ahead on 70 minutes. The vice-captain smashed a penalty into the bottom right-hand corner, but the lead was short-lived.
A corner from Valladolid went to Oscar, who headed home from close range to maintain the away side's miserable start to the season.
