The smooth playing surface at Peffermill allowed both sides the chance to play some decent passing football, which made for a very entertaining match.
The Streamers started well, but from a corner of their own they fell behind when the students broke upfield. Walters made a good save, but the striker netted on the rebound.
The men in blue were not disheartened by this and they began to dictate the game, creating several chances. They also had two claims for penalties turned aside by the referee, but managed to get themselves back on level terms before half-time when Aaron Punton converted with a convincing strike into the net following a Greg McCrudden thrown in.
After the interval, Edinburgh University looked to be in the driving seat, especially after skipper John Crawford was given his marching orders for what appeared to be a fair enough challenge.
The home side took full advantage midway through the half to get their noses in front via a superb 25 yard thunder bolt into the top corner.
To their credit, Coldstream kept plodding away, and they were rewarded with an equaliser from a well-worked goal, finished off by Punton after skilfully beating his man.
The team then played out the remaining ten minutes for the draw, which takes Streamers onto 14 points from 12 games played.
Coldstream: Walters, Wales, Birkett, Ainslie, Hunter, McCrudden, Punton, Lambert, J. Simpson, S. Simpson, Crawford (C). Subs - Brown, Gibson.