Midfielder Papakouli Diop was shown a straight red card in the 51st minute for a serious foul on Zaragoza striker Victor Rodriguez before Pedro Lopez was sent off for his second bookable offence in the second minute of injury time.
The result is a much-needed point for Zaragoza, who moved two points clear of the relegation zone following the draw, although it did not live up to their success of the last two weeks which saw them claim wins over Mallorca and Rayo Vallecano.
Levante, meanwhile, remained in 12th place, well clear of the relegation zone with 42 points.
There were several chances for the visitors during the game but Levante's Nikos Karabelas had the first real opportunity of the match when he forced a save from Zaragoza goalkeeper Roberto with a close range header.
Rodriguez had a chance at the other end before the half-time whistle, but Keylor Navas made a comfortable save.
After the break, Levante were quickly reduced to 10 men when Diop was given his marching orders for a rash challenge on Rodriguez.
Zaragoza almost converted their one-man advantage straight away but for the efforts of Navas, who tipped Lozano Rodri's strike around the post in the 60th minute.
Levante then saw a fantastic chance ruined by Roberto, as the Zaragoza keeper made a brilliant save to deny Vicente Iborra's header from a Robert Acquafresca free-kick.
Navas then denied Adria Carmona's strike before he punched Jose Mari's effort clear and was again called into action in the 90th minute to deny Ruben Rochina's 25-yard free-kick.
Pedro Lopez was then sent off for a challenge on Rochina as the night ended in frustration for both sides.