With 12 games remaining, Arne Slot's men remain eight points ahead of second-placed Arsenal, who have a game in hand, but the Dutch manager couldn't mask his frustration after a night of wasted chances.
"We created far more opportunities than them," Slot said after the game. "We did everything we had to do to get a result here, maybe even a win, but it wasn't enough."
Liverpool racked up 17 attempts on goal compared to Villa's nine, yet their lack of ruthlessness in front of goal left the door ajar for their title rivals.
The Reds started brightly at Villa Park, taking the lead in the 28th minute through Mohamed Salah. The Egyptian predator bagged his 24th Premier League goal of the season, pouncing on a pinpoint assist from Diogo Jota after Villa's January signing Andres GarcÃa gifted the ball straight to the Liverpool forward with a wayward pass.
However, the hosts hit back before the break. Youri Tielemans levelled the score in the 38th minute, firing a low drive past Alisson Becker after a poorly cleared free-kick from Marcus Rashford, on loan from Manchester United and making his first Villa start. Ollie Watkins then completed the turnaround, nodding in a precise header from Lucas Digne's cross to send the home crowd wild.
Liverpool refused to lie down, and just past the hour mark, Trent Alexander-Arnold restored parity with a shot that took a hefty deflection to wrong-foot Villa's Emiliano Martinez. It was his second league goal of the campaign, coming moments after Jota had rattled the crossbar.
Both sides pushed for a winner in a pulsating finale, Darwin Nunez fluffed a golden chance for the Reds, while Villa substitute Donyell Malen shaved the post in stoppage time.
"It's a tough place to come, with the team they have and the support from their fans," Slot said. "We were close to playing a very good game, but in the final minute, they could have won it. I'm not happy with the 2-2."
The result keeps Liverpool's unbeaten away record intact this season, but Slot admitted his team have dropped points they didn't deserve to lose in recent weeks. "We've played a few too many games where we merited more than we got," he added.
The Reds' boss also faced a potential injury blow, with substitute Conor Bradley limping off after replacing Alexander-Arnold. "It happened in a sprint," Slot said. "You never know straight away, but it's never a good sign when a player comes off."
Villa sit ninth, five points off the top four, and manager Unai Emery praised his team's resilience on X after the game, posting: "Proud of the lads' spirit tonight against a top side. We keep building."
For Liverpool, the focus now shifts to a mammoth clash with champions Manchester City on Sunday. Arsenal, meanwhile, have the chance to close the gap to five points when they face West Ham United on Saturday. "There's always pressure when you play for Liverpool," Slot said. "We want to achieve something together this season, and we've got all the ingredients. It's still a long road ahead."
With the Champions League also in play, the Reds' resolve will be tested, but for now, this draw feels like two points dropped rather than one gained.