The point was enough to move the Rams out of the relegation zone and severely dent Sheffield United's automatic promotion hopes.
The Blades are now seven points adrift of Norwich and West Brom having played a match more.
It had all looked so much more positive for the hosts when they took the lead after 21 minutes.
Derby right-back Rob Edwards failed to deal with Michael Tonge's cross under pressure from Peter Ndlovu, and Andy Gray scuffed the ball past Lee Grant.
However, the euphoria lasted just four minutes. Leon Osman chased down a long clearance. Nick Montgomery appeared to get in a good challenge on the edge of the box to put the ball out for a corner, but referee Lee Mason pointed to the spot leaving Bramall Lane in uproar.
Taylor despatched the resulting penalty, sending Paddy Kenny the wrong way.
Blades fans had been cautious about their team's chances of automatic promotion, given the gap between them and the top two, but knew a victory would certainly up the pressure.
The Rams, meanwhile, had travelled up the M1 with just one defeat in their last four games, but they were deprived of one of the main reasons for that record - the goals of Paul Peschisolido who has scored four in his last three matches but was ineligible following his switch from the Blades.
The home side certainly dominated the opening stages, but struggled to carve out clear chances apart from their goal.
Phil Jagielka did have a header cleared off the line by Adam Bolder following a Tonge corner, but six first-half bookings told a very different story.
The second half had started with Derby sitting deeper and deeper, but the Blades growing more and more frustrated as they failed to find the decisive pass.
At the other end, Kenny had to be alert to keep out a volley by Marcus Tudgay and Tom Huddlestone saw his 20-yard effort well saved.
Ndlovu's volley flashed past the far post, and Grant saved from a Jack Lester breakaway - but that was as close as the Blades came to retaking the lead.
With 10 minutes left, boss Neil Warnock replaced substitute Dries Boussatta with Wayne Allison, the young winger having spent less than 15 minutes on the pitch before storming off down the tunnel.
Warnock followed a few minutes later gesticulating at referee Mason, the Blades' boss perhaps realising his side's automatic promotion were going with them.