Earlier, leaders Atletico Madrid's 2-0 defeat away Levante, in a game overshadowed by fresh claims of racism at a Spanish game, appeared to have given Real new life in their bid for a historic treble.
However, despite a stunning back-heeled injury time equaliser yesterday from Cristiano Ronaldo to rescue a point, Atletico now just need four points from their last two games to win La Liga for the first time in 18 years.
"It makes things more difficult, but I have always said this league will be decided in the last game," said Real boss Carlo Ancelotti.
Ronaldo and Gareth Bale were starting together in the league for the first time in over a month and nearly combined for the opener after just three minutes as Ronaldo latched onto Bale's lovely cushioned pass but shot straight at Diego Alves in the Valencia goal.
Karim Benzema then headed just over after more good work by Bale before Valencia showed their threat on the counter on 16 minutes when Diego Lopez did well to turn Dani Parejo's powerful header onto the bar.
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