The draw was of little use to either team as Carlisle must now win their final match of the season next week and hope that either Brighton or Northampton fail to take another point.
For a match between two struggling sides this game was high on entertainment with chances galore at both ends.
Carlisle had to hang on desperately for a point after being reduced to only nine men following the 67th minute dismissal of Evan Horwood for a second yellow card and the 81st minute sending off of Michael Bridges for handball on the goal-line.
That latter offence handed Cheltenham the chance to draw level from the penalty spot and Drissa Diallo smashed in the spot-kick to give the home fans feint hope.
Earlier, Carlisle had taken the lead in the 19th minute when Scott Dobie was impeded in the corner of the penalty area and veteran left-foot maestro Ian Harte curled a sumptuous free-kick around the wall and inside the far post.
After that the game could have gone either way with Paul Connor and Cleveland Taylor guilty of missing chances for either side, but there were also saves by both goalkeepers, shots cleared off the line and both teams hit the post.
Another free-kick from Harte flicked off a defensive head and hit the far upright, while busy little midfielder David Hutton struck the foot of a post for Cheltenham.
The home side may be down but, on this evidence, their rebuilding programme based around young players is well underway.
For Carlisle it will be a nervous seven days until their fate is decided with a home match against play-off chasing Millwall.