Adrian Lopez tested Diego Alves early on with a powerful header that the keeper did well to turn away before Pablo Piatti had Valencia's only effort on target comfortably saved by Thibaut Courtois midway through the first half.
Radamel Falcao was denied by a goal-line clearance by Adil Rami just after the hour mark and Jordi Alba pulled Valencia's best chance of the second period wide as Atletico continued their unbeaten run since Diego Simeone took charge.
Chances were few and far between in a cagey first period.
Adrian had the hosts' best effort as his header was beaten away by Alves after eight minutes and Falcao just could not stretch to turn in 10 minutes before half-time.
Valencia had the better of the game in terms of possession but could only muster Piatti's shot from outside the box which Courtois comfortably turned around the post.
Atletico were nearly ahead within a minute of the second half as Gabi latched onto a headed clearance and sent a volley inches past Alves' right-hand post.
Falcao then passed up the best chance of the match as his cross in towards Adrian rebounded back to the Colombian inside the six-yard box but Rami somehow recovered to deflect the striker's shot wide.
Unai Emery introduced Jonas with minutes to go and the Brazilian nearly unlocked an Atleti defence that has now gone five games without conceding as he played in Alba but the Spain international pulled his shot just wide.
Alba nearly made amends two minutes later though as his dangerous ball into the box was hacked just over his own crossbar by Alvaro Dominguez.
Alves was called into action again to parry Diego's effort from 20 yards and late on to cut out Silvio's cut-back after an uncharacteristic slip by Rami.
Falcao had one last chance to win the game but he headed wide with a minute remaining.
The draw means Atletico remain in sixth, whilst Valencia extend their advantage in third to five points.