The visitors twice took the lead, first through Callum Wilson and then Josh King, but The Hornets drew level both times courtesy of goals from Troy Deeney and a first in English football for Isaac Success.
The Cherries will feel that they should have won the game, though, as they struck the woodwork a remarkable three times in the second half, twice through Jack Wilshere.
The on-loan midfielder appeared to be clutching his hamstring at one point during the game and was eventually withdrawn with 15 minutes to go, leaving yet further questions surrounding his never-ending fitness problems.
Wilson goal gives visitors first half lead
Watford, as was expected, began the game on the front foot with Odion Ighalo latching on to a flick-on but firing wide in the second minute. Deeney then had his first chance of the game but saw his effort blocked superbly by Steve Cook as it headed goalwards.
Bournemouth grew into the game thereafter and their first chance came through Stanislas whose free-kick was tipped over the crossbar by Heurelho Gomes. The resulting corner fell kindly to Harry Arter on the edge of the box but his effort flew over the bar.
Eddie Howe's side finally took the lead on the 30 minute mark as Wilson stole in ahead of the Watford back four to head home Stanislas' expert cross.
Nordin Amrabat almost equalised nine minutes later but was superbly denied twice by th excellent Artur Boruc. Andrew Surman then almost doubled the lead but failed to hit the target after being teed up by Wilson.
Exciting second half sees both sides share the points
It took the hosts just five minutes into the second half to find an equaliser through their talisman, Deeney. The impressive Amrabat, who had struggled to get into the side following his January move, did well to create the chance for the striker who tucked the ball into the goal from close range.
Bournemouth almost restored their lead almost straight away when Wilshere weaved his way through several challenges - almost reminscent of his style when he first started his career - and his effort struck the post and fell away from goal.
However, the visitors eventually found themselves ahead with half an hour remaining through King. The forward had only been on the pitch a matter of moments having replaced fellow goalscorer King, and his strike deflected away from the unfortunate Gomes and into the net.
It took just three minutes for Watford to level the scoreline once again, though, as Success scored his first goal in English football with an excellent header following a Jose Holebas free-kick.
There was almost a fifth goal in the game soon after but Wilshere could only find the post once again having found space in the box. The midfielder really should have hit the back of the net.
Amazingly, Bournemouth struck the woodwork for a third time when Stanislas' free-kick clipped the top of the crossbar before going over.
The draw will be seen as a good point for both sides.