A bad-tempered match saw one red and five yellow cards with Valladolid's French left-back Zakarya Bergdich given his marching orders in the 44th minute with the score at 1-1.
But Levante were unable to capitalise on playing half the match with an extra man with Andreas Ivanschitz failing to convert a match-winning penalty after Bergdich had gone.
The first half exploded into life 15 minutes from the interval when Levante surged ahead through Senengal striker Papa Baba Diawara, who swept the ball home from six yards out.
But their lead lasted just six minutes after veteran marksman Javi Guerra found the back of the net with a right foot shot.
With a minute of the half remaining, the game appeared to have swung dramatically in Levante's favour.
Bergdich was sent off for a foul on Jordi Xumetra, but Ivanschitz's powerfully-struck penalty was saved by Diego Marino, ensuring the teams entered half time all square.
An action-packed second half beckoned, but it failed to materialise with both keepers having little work to do.
Levante, hoping to challenge for the European places, produced the greater number of shots at goal, but they were unable to finish off a Valladolid side that showed resilience.