Timmy Simons converted from the spot to give Nuremberg the lead in the 33rd minute but Schmid equalised seven minutes from time as the teams shared the spoils.
Freiburg have suffered just one loss in the last 10 matches as they push for the top four, but Nuremburg remain firmly in mid-table despite beating unbeaten in eight.
Nuremberg were close to taking the lead after 18 minutes but Hanno Balitsch headed Hiroshi Kiyotake's free kick from the left wing just over the crossbar.
The hosts put the ball in the net a minute later through Tomas Pekhart but the Czech international had committed a foul in the build-up.
Nuremberg took the lead after Freiburg midfielder Cedrick Makiadi handled inside the area and Simons stepped up to fire the penalty into the lower right corner.
Freiburg were close to an equaliser in the 54th minute but Max Kruse could not connect cleanly when well placed.
The visitors threatened the Nuremberg goal again 12 minutes later but Matthias Ginter volleyed Fallou Diagne's cross over the crossbar. Jan Rosenthal then fired wide left in the 78th minute as another Freiburg chance went begging
They finally got their equaliser in the 83rd minute when Nuremberg keeper Raphael Schafter could only parry Julian Schuster's shot and Schmid raced onto the loose ball to hit home from a tight angle.