Watford took the lead within the first 15 minutes through right back Kiko Femenia, but Bournemouth hit back just before the break as Josh King converted a penalty after José Holebas handled the ball in the area.
Just as things were looking more positive for the visitors, they lost Junior Stanislas to injury at the end of the first half before quickly finding themselves behind again, when Watford's Roberto Pereyra scored within minutes of the restart.
However, an injury time free kick for Bournemouth led to Cherries striker Jermain Defoe slotting home an equaliser, insuring the points were shared on Saturday afternoon.
Defoe has struggled with injury this term, but Howe was delighted to see him bag the equaliser.
When speaking after the game, via BT Sport, Howe said of the striker: “It was a massive goal from Jermain and a massive point for us.
"It didn’t look like it was going to happen for us in the second half if I’m honest, but the character shone out – the never-say-die attitude – and we only needed one chance and it fell to the right man.
"He's a massive part of what we're doing, today he showed his value as there's no-one else you want that ball to fall to in the situation.
"He took it really well, Jermain has the ability to sense where the ball is going to drop - he's razor sharp as he always has been. It was a finish of high-class and, at that stage of the game, absolutely priceless for us."
The draw leaves Bournemouth level with Watford on 37 points in the Premier League. And although the Cherries look set to secure another year in England's top division, Howe admitted that they are not safe yet.
"There's six games to go and we're desperate to get as many points as possible, no one knows what the marker will be to secure safety, but it doesn't matter. We want to be the best we can every game," said Howe, as quoted by Bournemouth's official website.