It was a day of mixed emotions for both sides.
David Goodwillie got both the Bully Wee goals, but also missed a penalty, while Queen's, despite dropping two points, remain unbeaten and top of the table.
Both sides felt their way into the game but Queen's Park were inches away from opening the scoring in the 21st minute when Bob McHugh's effort beat Clyde keeper Neil Parry but came back off the bar.
However it was Clyde who went in front nine minutes from the break as Goodwillie - who reached 100 Clyde goals the previous week at Peterhead - started his second century with a superb scissors kick volley over Willie Muir.
Goodwillie had a chance to make it 2-0 just before the interval, but fired his effort over the bar.
It took Queen's Park just 10 minutes of the second half to level, Louis Longridge's low shot from the edge of the box eluding Parry.
Worse was to follow for Danny Lennon's side as they fell behind only three minutes later, Grant Gillespie netting from the penalty spot after Scott Rumsby's foul on Michael Doyle.
McHugh hit the woodwork again, his shot striking the post this time, before it was Clyde's turn to be awarded a penalty after Muir clattered into the back of Gregory Tade.
Goodwillie stepped up and tried to dink the penalty over Muir but also sent it over the bar.
However the former Scotland striker wasn't to be denied and got his side back on level terms with a dramatic equaliser in the final minute.
New signing Euan Deveney - on loan from Kilmarnock - sent in a free-kick which was met by Robert Jones whose header came off the bar.
But the Clyde man managed to turn the rebound back across goal where Goodwillie bundled it over the line.
There was still time in stoppage time for Goodwillie to threaten again but he was denied by a fine save from Muir and the final whistle went with the traditional derby rivals settling for a point apiece.