Eddie Nketiah scored his first Champions League goal in four appearances to give Arsenal the lead in Eindhoven
The Gunners had already won Group B and manager Mikel Arteta made eight changes from the weekend's Premier League loss at Aston Villa.
It led to a disjointed performance, although Arsenal took the lead through Eddie Nketiah after 42 minutes.
But PSV earned a deserved point via Yorbe Vertessen's fine equaliser.
Nketiah fired Arsenal ahead three minutes before the end of a first half in which they had been put under significant pressure by PSV, who had also already qualified for the knockout stages as group runners-up.
It was a superb finish by the England forward, controlling a low ball from the right before striking into the bottom-right corner from the edge of the area.
But Arsenal were pegged back five minutes after the break through Vertessen's right-footed strike off the left post.
Both sides had good chances to find a second-half winner. Ismael Saibari hit the near post before Guus Til shot across the face of goal late on.
Arsenal did have the ball in the net, Jakub Kiwior heading home after beating PSV keeper Walter Benitez to a free-kick, but it was ruled out for offside against Gabriel.
Nketiah was denied one-on-one by Benitez in the sixth minute of stoppage time, before Leandro Trossard fired the rebound over.
Arsenal conclude the group stage with 13 points from six games - four ahead of PSV - and will face one of the other seven runners-up in the last 16.
"Overall, I think, very positive," Arteta said of his side's return to the Champions League group stages for the first time since 2016-17.
"Having not been in the competition for six or seven years and having a team that hasn't got that much experience, I think we've competed really well.
"Overall, finishing first with a game to play we have to be really happy. Now we have to close that chapter until February and make sure when that chapter opens up again we're in the best place to compete against another top side."
-- Courtesy of BBC Sport