Arsenal recorded their second 3-3 away draw in the league in a row on Sunday after squandering a two-goal first-half lead.
But Everton started the second period superbly and restored parity within four minutes. Toffees defender Rachel Unitt halved the deficit before midfielder Fara Williams got the second.
Arsenal regained the lead after 58 minutes when Smith - who notched a hat-trick for England in midweek - got her second of the game and her 10th in five league games.
But Everton refused to lie down and nine minutes from time the hosts rescued a point through striker Jody Handley.