Palace were in command when Glenn Murray made it 20 goals for the season as he completed his double to make it 2-0 on the hour mark.
But substitute Nikola Zigic and Papa Bouba Diop levelled things up to ensure Lee Clark's men claimed a share of the spoils.
"So far as I am concerned it is deja vu," former Blackpool boss Holloway said. "The last time I was here we were 2-0 up and looked as if we were cruising and ended 2-2.
"It felt strangely strange. You have to give Birmingham credit but we made one or two mistakes after they sent on Zigic and we looked a little vulnerable.
"All in all I still thought it was a very good performance. I am probably disappointed with Birmingham's second goal as it was a free header from a corner.
"But the defining moment for me occurred when we had a breakaway before scoring the second goal. (Andre) Moritz hardly ever misses in situations like that but he went over.
"But give Birmingham full credit. Lee Clark's teams hardly give up. They are not having it easy and the season has not gone their way."
Holloway reserved special praise for Murray, adding: "Murray's movement in the box is probably the best I've seen for years. I've had some brilliant players, particularly in the last three years, but he is looking as good as them if not better.
"The current Palace group is looking very good and I cannot wait until January to try and help them by adding one or two things which will make us even more threatening."
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